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Recent Real Estate News

Extreme modifications: 2% mortgages, CNNMoney, 12/16/09

By: Les Christie, CNNMoney, December 16, 2009


Nearly 80% of all loan modifications resulted in lower payments in the second quarter (the latest figures available), according to the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision. That's up from just over 50% three months earlier. Still, just a paltry 4% of all homeowners in need of workouts are receiving them.

When loans are made affordable, borrowers are less likely to default. A year after modifications, according to the OCC report, just 34% of borrowers whose loan payments had been reduced 20% or more had redefaulted compared with 63% of borrowers whose payments had been left unchanged.


Read more here: http://money.cnn.com/2009/12/16/real_estate/great_mortgage_modifications/index.htm

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