Subprime Adjustable Rate Resets in 2008
A HOPE NOW survey released today involving nine companies and 60% of subprime loans found the following:
- Approximately 1.1 million subprime loans were scheduled to reset between January and August 2008
- Since rates began to reset on these loans in January 2008, those loans that were current at reset and subsequently started the foreclosure process account for 1.2 percent of remaining loans.
- Nearly 91,000 of the 1.1 million loans have been modified. Over 75 percent of these modifications are for 5 years or longer.
- Almost 449,000 of the subprime adjustable rate loans were originally scheduled to reset during this period were paid in full when the homeowner refinanced the loan or sold the property.
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