Information from mortgage service companies indicates that GSE’s have been specifically required to grant extensions or modifications for delinquent residential mortgages - if that is true, then comparing the modifications YOY and their status after the mod, would be a better gauge of the potential underlying delinquency problem.
Ben
Information from mortgage service companies indicates that GSE’s have been specifically required to grant extensions or modifications for delinquent residential mortgages - if that is true, then comparing the modifications YOY and their status after the mod, would be a better gauge of the potential underlying delinquency problem.
Good point. There may be some wallpapering over problems in the loan portfolio from modifications.