Reporting of principal forbearance losses in residential mortgage-backed securities is not reported consistently from servicer to servicer, according to Fitch.

The ratings agency reports that the timing of putting losses on the books varies from company to company, usually at the time of the modification, but sometimes not until the loan is liquidated. Fitch estimates that approximately 1.5 million private RMBS loans were modified between June 2009 and June 2014.

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