Option adjustable-rate mortgage and alternative-A mortgage loss severities in February increased while jumbo and subprime severities were either stable or improved, according to a Barclays report.
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In addition, the modification rate declined noticeably in subprime at a 40 basis point drop, the report said.
The share of all modifications that were rate reduction mods dropped during the month but the average payment reduction increased in most sectors, according to Barclays Capital’s securitization research team.
