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June 13, 2008
OCC Study: Subprime Accounted for 43% of Workouts in March
Between October 2007 and March, the foreclosure rate grew from 0.9 percent to 1.23 percent, according t the Office of the Comptroller Currency (OCC), which focused on mortgage delinquencies, workouts, and foreclosures that are serviced by nine national banks.
When it came to loss mit, at the end of March, it was subprime mortgages that accounted for 43 percent of workouts. The popular workout solutions: payment plans superseded loan modifications in March, outnumbering by more than four to one.
Posted by S. Germain at June 13, 2008 08:08 AM