The federal Office of the Comptroller of the Currency and the Office of Thrift Supervision released their Mortgage Metric Report for second quarter 2009.
It says, in part, of the homeowners who received loan modifications in the first half 2008, 50% of them were, one year later, more than 2 months late with their payments. But those who received the biggest modifications did better than those who did not.
For example, only a third of the borrowers whose monthly payments were reduced by 20% or more were likely to be late, as opposed to 60% of the borrowers who received smaller modifications.
The report covers 60% of all loans made on US residences. To read the report in its entirely, go to http://www.occ.treas.gov/ftp/release/2009-118a.pdf
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