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Modification Success—What Have We Learned?

Laurie S. Goodman, Roger Ashworth, Brian Landy and Lidan Yang
The Journal of Fixed Income Fall 2011, 21 (2) 57-67; DOI: https://doi.org/10.3905/jfi.2011.21.2.057
Laurie S. Goodman
is a senior managing director at Amherst Securities Group LP in New York, NY.
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  • For correspondence: lgoodman@amherst.com
Roger Ashworth
is an MBS analyst at Amherst Securities Group LP in New York, NY.
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  • For correspondence: rashworth@amherst.com
Brian Landy
is a senior vice president at Amherst Securities Group LP in New York, NY.
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  • For correspondence: blandy@amherst.com
Lidan Yang
is a senior vice president at Amherst Securities Group LP in New York, NY.
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  • For correspondence: lyang@amherst.com
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Abstract

In this review of modification activity, the authors show that the key ingredients of modification success are principal reduction, substantial pay relief, and modifying early in the delinquency cycle. When all three of these ingredients are present, a modification has a good chance of success. They also demonstrate that success rates on modifications generated by the market’s methods are overstated: These methods do not take into account loans that have liquidated or re-defaulted on an earlier modification.

TOPICS: MBS and residential mortgage loans, legal/regulatory/public policy, credit risk management

  • Copyright © 2011 Amherst Securities Group LP. All rights reserved. Not to be reproduced or redistributed without permission.
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The Journal of Fixed Income: 21 (2)
The Journal of Fixed Income
Vol. 21, Issue 2
Fall 2011
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Modification Success—What Have We Learned?
Laurie S. Goodman, Roger Ashworth, Brian Landy, Lidan Yang
The Journal of Fixed Income Sep 2011, 21 (2) 57-67; DOI: 10.3905/jfi.2011.21.2.057

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Modification Success—What Have We Learned?
Laurie S. Goodman, Roger Ashworth, Brian Landy, Lidan Yang
The Journal of Fixed Income Sep 2011, 21 (2) 57-67; DOI: 10.3905/jfi.2011.21.2.057
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  • Article
    • Abstract
    • MODIFICATION VOLUME
    • PERCENTAGE OF LOANS MODIFIED
    • TRENDS IN MODIFICATION TYPE
    • COMMON MEASURES OF MODIFICATION RE-DEFAULT RATES
    • SUCCESSFUL MODIFICATION RX #1—REDUCE PRINCIPAL
    • SUCCESSFUL MODIFICATION RX #2—MODIFY EARLY
    • SUCCESSFUL MODIFICATION RX #3—SUBSTANTIAL PAY RELIEF
    • PUTTING IT ALL TOGETHER
    • MULTIPLE MODIFICATIONS—TRENDS AND BEHAVIOR
    • CONCLUSION
  • Info & Metrics
  • PDF (Subscribers Only)
  • PDF (Subscribers Only)

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