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Loan Modification

: Mortgage Lender Implode-o-Meter

Investor-Owned Mortgages Have High Re-Default Rates, Says Report

By Implode-Explode Heavy Industries

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``About half of all modified investor-owned mortgages, undertaken to help troubled borrowers and investors looking to cut losses, re-default within six months, according to a new quarterly report by federal bank regulators. These are loans that are sliced and diced and sold to investors in the form of securities. That compares with a 25 percent re-default rate for modified loans held in-house at banks, according to data as of Sept. 30.''

Full post as published by Mortgage Lender Implode-o-Meter on December 21, 2009 (boomark / email).

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