In early April, the OCC & OTS released their 4th Quarter 2008 Mortgage Metrics Report. First, and most troubling: re-default rates for loans modified in each subsequent quarter are worsening at the 13 banks and thrifts surveyed. Using a 60+ day delinquency standard, loans modified in the first quarter of 2008 are re-defaulting at a rate of 31.4% (at 5 months) compared to 43.0% of loans modified in the third quarter. However, credit unions we've talked to are seeing the opposite—they are learning from early efforts and getting better repayment rates as time goes on. Given that Freddie Mac estimated the average cost of a foreclosure at $60,000, figuring out ways to keep members in their homes and the credit union financially sound is in everyone's best interest.