12/22/2009

Borrowers whose mortgages were modified continued to re-default at high rates shortly after modification, while the overall rate of current and performing mortgages dropped to 87.2%, according to the OCC and OTS Mortgage Metrics Report, Third Quarter 2009. Of loans modified in the first quarter, 56.2% were in re-default (30 or more days delinquent) by the end of the third quarter.

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