Red0 drops connections when DHCP lease is up

I just upgraded from Core update 126 to 147. I have a new behavior that is becoming unacceptable. Every time my DHCP lease is up on the red0 interface, all connections are dropped. Part of the problem is that my modem is currently leasing IP addresses for on 600 seconds instead of the configured once a day.

Since my external IP address has not changed in several years, I tried to change red0 to static. Now in System->Home the interface stays up, but in /var/log/messages I get:

Aug 7 10:30:18 bender dhcpcd[10888]: ps_root_recvmsg: Operation not permitted
Aug 7 10:31:22 bender dhcpcd[10888]: ps_root_recvmsg: Operation not permitted
Aug 7 10:31:59 bender dhcpcd[10887]: red0: failed to renew DHCP, rebinding
Aug 7 10:33:14 bender dhcpcd[10887]: red0: DHCP lease expired
Aug 7 10:33:14 bender dhcpcd[10887]: red0: deleting route to 99.122.108.0/22
Aug 7 10:33:14 bender dhcpcd[10887]: red0: deleting default route via 99.122.108.1
Aug 7 10:33:14 bender dhcpcd[10887]: red0: soliciting a DHCP lease
Aug 7 10:33:14 bender dhcpcd[10887]: red0: offered 99.122.108.252 from 192.168.1.254
Aug 7 10:33:14 bender dhcpcd[10887]: red0: probing address 99.122.108.252/22
Aug 7 10:33:15 bender ntpd[12142]: Deleting interface #845 red0, 99.122.108.252#123, interface stats: received=0, sent=0, dropped=0, active_time=600 secs
Aug 7 10:33:19 bender dhcpcd[10887]: red0: leased 99.122.108.252 for 600 seconds
Aug 7 10:33:19 bender dhcpcd[10887]: red0: adding route to 99.122.108.0/22
Aug 7 10:33:19 bender dhcpcd[10887]: red0: adding default route via 99.122.108.1

I used TCPDUMP to verify the /var/log/message. And yes my modem failed to renew the DCHP lease. But why am I DHCPing on a Static Interface? How to I work around a misbehaving modem?