National News

OCC, OTS release new data on mortgage quality

Mortgage modifications that raise monthly payments or leave them unchanged “run the risk of unacceptably high re-default rates,” according to the latest Mortgage Metrics report from the Office of the Comptroller of the Currency and the Office of Thrift Supervision. Re-default rates soared to 51 percent for mortgage modifications that did not reduce monthly payments, and to 46 percent for modifications that raised payments. By contrast, 23 percent of modifications that lowered monthly payments more than 10 percent resulted in re-default. The . . .

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