Home Loan Modifications Cut Credit Risk, TransUnion Says

Overdue American homeowners who received a loan modification has a better record of repayment auto and credit card debt than distressed borrowers who did not get mortgage help, said Trans Union Corp. (Trun).
Homeowners whose payments were reduced had a 6.1 percent delinquency rate on auto loans, compared with a 11 percent rate for borrowers who do not get a mortgage modification, according to a study by Chicago-based credit-rating company. The delinquency rate on credit card payments were 14 percent for homeowners with a change, compared with 17 percent for those who did not get help.
The difference shows how changes while failing to prevent a majority of serious criminal borrowers from defaulting again, can help consumers become better risks to other lenders, says Charlie Wise, TransUnion director of research and consultancy.
"Very clearly, this is a driver for improved performance," Wise said during an interview in Beverly Hills, California. "This is what allows you to turn the credit spigot back on."
Approximately 3.9 million criminals homeowners have received loan modifications from January 2009 to april this year, according to a June 6 report by the U.S. Treasury and Housing and Urban Development departments. This includes 1 million permanent payment reductions under President Barack Obama's Home Affordable Modification Program and 2.9 million modifications started by private lenders.Redefault prices
The government's plan, known as hemp, cut mortgage payments to 31 percent of income, while the Bank's programs, ranging from reducing the loan principal to increase monthly payments for borrowers to catch up on overdue debts.
The TransUnion study looked at 559,000 homeowners who have received a change from January 2008 to July 2011, after they missed at least four monthly payments. About 42 percent of the modified loan redefaulted within 12 months and 59 percent redefaulted after 18 months.
States with the highest redefault rates were Delaware, Rhode Island, Maine, Florida and Texas, the Trans Union. Wyoming, Montana, District of Columbia, New Mexico and Michigan had the lowest redefault rates.
As many as 6 million borrowers will lose their homes to foreclosure in the next five years because of inability to pay their mortgages, according to Scott Simon, head of mortgage bonds at Pacific Investment Management Co. in Newport Beach, California.


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