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'Re-Defaults' as High as 60%.(Brief article)
Byline: Brian Collins
Washington-Re-defaults of newly modified loans are "remarkably high," according to the Office of the Comptroller of the Currency, which released data showing that 36% of restructured loans are 30 days past due after three months.
"After six months, the rate was nearly 53% and after eight months, 58%," comptroller John Dugan said at an Office of Thrift Supervision housing forum.
The comptroller openly questioned using government money to modify mortgages, wondering whether creating new jobs for struggling consumers might be a better idea.
Using first-quarter 2008 data, the OCC also found that 35% of modified loans were 60 days past due after six months.
"Not all re-defaulted mortgages go to foreclosure," Mr. Dugan said. The OCC is beginning to ask servicers why the re-default is so high.
The comptroller also gave a preview of the third-quarter OCC/OTS report on loan workouts and foreclosures that was being released as this publication went to press.
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Source: HighBeam Research, 'Re-Defaults' as High as 60%.(Brief article)