Fitch Expects Re-Defaults on 75 Percent of Subprime RMBS Mods
According to Fitch, 35 to 55 percent of RMBS modifications typically re-default after a year. However, based on information from servicers and data from First American Loan Performance, Fitch places a “conservative projection” for subprime re-default rates within the range of 65 to 75 percent after 12 months.
More ouch !!
