This research paper examines the extent to which differences in payment reduction affect borrower outcomes following loss mitigation. Loss mitigation refers to various options provided to borrowers experiencing financial hardship and are designed to facilitate home retention. Our analysis includes examination of data such as:  

• A distribution of unique loans relative to the amount of payment reduction provided by loss mitigation
• A summary of borrower and loan characteristics 
• The relationship between credit score and loss mitigation
• The re-default rate by payment reduction
• Default rates by payment reduction amount and credit score
• Cumulative default rates
• Coefficient estimates from linear probability models