RT Journal Article SR Electronic T1 Mortgage Modification Activity—Recent Developments JF The Journal of Fixed Income FD Institutional Investor Journals SP 55 OP 68 DO 10.3905/jfi.2012.21.4.055 VO 21 IS 4 A1 Laurie S. Goodman A1 Roger Ashworth A1 Brian Landy A1 Lidan Yang YR 2012 UL https://pm-research.com/content/21/4/55.abstract AB This very detailed article focuses on recent trends in modification activity in the non-agency securitization market. The authors focus primarily on two trends: the increased share of principal reduction modifications and the increased share of second and subsequent modifications. They show that principal reductions result in higher modification success rates than other modification types, even controlling for pay relief. They also show that second and subsequent modifications have higher re-default rates than first modifications. Finally, the authors focus on the variations in modification activity and modification success rates among subprime servicers.TOPICS: MBS and residential mortgage loans, big data/machine learning, analysis of individual factors/risk premia