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Study reports on loan modifications, repayment plans initiated in 3Q by ProQuest

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The mortgage industry modified an estimated 54,000 loans and established formal repayment plans with another 183,000 borrowers during the third quarter of 2007, according to a report issued by the Mortgage Bankers Association (MBA). By comparison, the MBA study noted that foreclosure actions were started on approximately 384,000 loans. For subprime ARM loans, there were approximately 13,000 loan modifications and 90,000 repayment plans established in the third quarter. For borrowers with subprime fixed-rate loans, loan servicers instituted 15,000 loan modifications and 30,000 repayment plans. The MBA report was based on responses from mortgage servicers covering about 33 million mortgage loans, or approximately 62% of the loans outstanding.

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