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16 Jan, 2008

Laura Stavro-Beauchamp
Date: 15-Jan-2008

Fitch Ratings has advocated Lehman Brothers' plans to develop a loan modification programme for its residential mortgage backed securities.
The lender has proposed a number of strategies, including payment deferral, extension of maturity dates and amended interest rates.

Gregg Kohansky, senior director at Fitch, says: "Delinquent borrowers could be encouraged to pay through an active strategy to render their mortgage payments more affordable, thereby increasing the payment rate on arrears mortgages.

"If a borrower default can be prevented by loan modification, then this could also result in lower defaults and losses on affected pools."

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