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The Obama Administration’s Efforts
To Stabilize The Housing Market
and Help American Homeowners
June 2012

U.S. Department of Housing and Urban Urban Development | U.S. Department of the and Research
U.S Department of Housing and Development | Office of Policy Development Treasury

The Administration’s goal is to stabilize the housing market and
provide security for homeowners. To meet these objectives in the
context of a very challenging market, the Administration developed
a broad approach implementing state and local housing agency
initiatives, tax credits for homebuyers, neighborhood stabilization
and community development programs, mortgage modifications
and refinancing, housing counseling, continued Federal Housing
Administration (FHA) engagement, support for Fannie Mae and
Freddie Mac and increased consumer protections. In addition, Federal
Reserve and Treasury Mortgage-Backed Securities purchase programs
have helped to keep mortgage interest rates at record lows over the
past year. More detail on the Administration’s efforts can be found in
the Appendix.

June 2012 Scorecard on Administration’s
Comprehensive Housing Initiative

The President’s housing market recovery efforts began immediately
after taking office in February 2009. The June 2012 housing
scorecard includes the following key indicators of market health and
results of the Administration’s comprehensive response, as outlined
above:
•

Market data show important progress in homeowner
equity and home sales, but continued fragility overall.

Home equity rose $457.1 billion in the first quarter of 2012, a
7.4 percent increase from the previous quarter and its highest
level since the second quarter of 2010. Sales of previously
owned homes posted sharp gains in May of 9.6 percent
compared with a year ago and new home sales in May recorded
their highest level in more than 2 years. However, foreclosure
starts and completions turned up in May, underscoring continued
fragility in the housing market. Finally, inventories of homes for
sale are at their lowest levels in years; at the current sales pace,

it would take 4.7 months to sell the current months’ supply of new
homes for sale – the lowest rate since October 2005. Experts
consider a six months’ supply of homes for sale to be a balanced
market.
•

The Administration’s recovery efforts continue to help
millions of families deal with the worst economic crisis
since the Great Depression. More than 5.3 million modification

arrangements were started between April 2009 and the end of
May 2012 – including nearly 1.2 million homeowner assistance
actions through the Making Home Affordable Program and
more than 1.3 million FHA loss mitigation and early delinquency
interventions. The Administration’s programs continue to
encourage improved standards and processes in the industry,
with HOPE Now lenders offering families and individuals more
than 2.9 million proprietary mortgage modifications through
April.
•

Homeowners entering HAMP demonstrate a high
likelihood of long-term success in the program. As of May,
more than one million homeowners have received a permanent HAMP
modification, saving approximately $536 on their mortgage payments
each month, and an estimated $13.3 billion to date. Eighty-six percent
of homeowners entering the program in the last 23 months have
received a permanent modification, with an average trial period of
3.5 months. More than 83,000 homeowners have had their principal
reduced as part of their HAMP permanent modification, and nearly
84,000 second lien modifications have been completed through the
Second Lien Modification Program (2MP). The May Monthly Report can
be found at: http://www.treasury.gov/initiatives/financial-stability/
results/MHA-Reports/Pages/default.aspx

Given the current fragility and recognizing that recovery will take
place over time, the Administration remains committed to its efforts to
prevent avoidable foreclosures and stabilize the housing market.

June 2012 National Scorecard | Page 1

U.S Department of Housing and Urban Development
U.S. Department of the Treasury

U.S Department of Housing and Urban Development
U.S. Department of the Treasury

The Obama Administration’s Efforts To Stabilize The Housing Market and Help American Homeowners | June 2012
Expectations On House Prices Remain Above 2009 Projections

House Prices Are Stabilizing
Distressed Sales Remain Key In This Fragile Recovery

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June 2012 National Scorecard | Page 2

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The Obama Administration’s Efforts To Stabilize The Housing Market and Help American Homeowners | June 2012
Mortgage Rates At Record Lows,
Homes Remain Highly Affordable

14.9 Million Homeowners Have Refinanced
Since April 1, 2009	
  

Percentage	
  Rates	
  And	
  Index	
  Values	
  

9	
  

Quarterly	
  Refinance	
  Mortgage	
  Origina:ons	
  (Millions)	
  	
  

240	
  
220	
  

8	
  

200	
  
7	
  

180	
  

	
  

6	
  
5	
  
4	
  

160	
  

6	
  

140	
  

5	
  

120	
  
4	
  

100	
  

3	
  
2	
  
1	
  

80	
  

3	
  

0	
  
30-­‐Yr	
  Fixed	
  Mortgage	
  Rate	
  

NAR	
  Home	
  Affordability	
  Index	
  (right	
  axis)	
  
Sources:	
  	
  Mortgage	
  Bankers	
  Associa:on	
  and	
  HUD.	
  
See	
  Note	
  4,	
  Sources	
  and	
  Methodology.	
  

Sources:	
  	
  Freddie	
  Mac	
  and	
  Na:onal	
  Asssocia:on	
  of	
  	
  Realtors	
  
	
  

Mortgage Aid Helps Foreclosures Trend Downward,
But Completions Turn Up in May

Mortgage Aid Extended More an 5 Million Times, Outpacing Foreclosures 	
  
6	
  
5	
  

Cumula:ve	
  Mortgages	
  Receiving	
  Aid	
  And	
  Mortgages	
  Foreclosed	
  Since	
  April	
  1,	
  2009	
  (Millions)	
  
	
  

Monthly	
  Foreclosure	
  Ac:ons	
  (Thousands)	
  

Mortgages	
  modified	
  or	
  receiving	
  loss	
  mi:ga:on	
  since	
  April	
  1,	
  2009:	
  
	
   	
  	
  5.3	
  Million	
  	
  

160	
  

120	
  

4	
  

Cumula:ve	
  foreclosure	
  comple:ons	
  since	
  April	
  2009:	
  2.8	
  million	
  
(Includes	
  investor,	
  second	
  home,	
  and	
  jumbo	
  proper:es)	
  

Foreclosure	
  	
  
Starts	
  

3	
  
2	
  
1	
  
80	
  

0	
  

Foreclosure	
  
Comple:ons	
  
FHA	
  Loss	
  Mi:ga:on	
  

HAMP	
  Modifica:ons	
  

Hope	
  Now	
  Modifica:ons	
  

40	
  

Foreclosure	
  Comple:ons	
  

Sources:	
  	
  HUD,	
  Dept.	
  of	
  Treasury,	
  Hope	
  Now	
  Alliance,	
  and	
  Realty	
  Trac.	
  
This	
  Chart	
  has	
  been	
  revised	
  (star:ng	
  this	
  month)	
  to	
  exclude	
  trial	
  modificai:ons	
  not	
  made	
  permanent.	
  
See	
  Note	
  5,	
  Sources	
  and	
  Methodology.	
  	
  	
  
	
  

Source:	
  Realty	
  Trac.	
  
See	
  Note	
  6,	
  Sources	
  and	
  Methodology.	
  
	
  

June 2012 National Scorecard | Page 3

U.S Department of Housing and Urban Development
U.S. Department of the Treasury

U.S Department of Housing and Urban Development
U.S. Department of the Treasury

U.S Department of Housing and Urban Development
U.S. Department of the Treasury

U.S Department of Housing and Urban Development
U.S. Department of the Treasury

The Obama Administration’s Efforts To Stabilize The Housing Market and Help American Homeowners | June 2012
Homeowners Save From Reduced Mortgage Payments

Home Equity Shows Sharp Gain in First Quarter 2012	
  	
  

Annualized	
  Savings	
  From	
  Payment	
  Reduc@ons	
  ($	
  Billions)	
  

Owners’	
  Equity	
  In	
  Household	
  Real	
  Estate	
  At	
  End	
  Of	
  Period	
  ($	
  Trillions)	
  
35	
  
30	
  

14	
  

25	
  

12	
  

20	
  

10	
  

15	
  

8	
  

10	
  

6	
  

5	
  

4	
  

0	
  

2	
  

2009	
  Q4	
  

2010	
  Q1	
  

2010	
  Q2	
  

2010	
  Q3	
  

2010	
  Q4	
  

All	
  Refinances	
  

0	
  

2011	
  Q1	
  

2011	
  Q2	
  

2011	
  Q3	
  

2011	
  Q4	
  

HAMP	
  Modifica@ons	
  and	
  Trials	
  

Aggregate	
  annual	
  reduc@on	
  in	
  mortgage	
  payments	
  on	
  refinances	
  since	
  April	
  1,	
  2009	
  plus	
  ac@ve	
  trial	
  and	
  
permanent	
  HAMP	
  modifica@ons.	
  
Sources:	
  	
  MBA,	
  Treasury,	
  Freddie	
  Mac,	
  and	
  HUD.	
  
See	
  Note	
  7,	
  Sources	
  and	
  Methodology.	
  

Source:	
  	
  Federal	
  Reserve	
  Board.	
  

FHA Supports Mortgage Lending During Crisis	
  

Housing Counselors Serve Millions Of Families

FHA	
  As	
  Share	
  Of	
  Quarterly	
  Mortgage	
  Origina@ons	
  By	
  Type	
  (Percent)	
  

Cumula@ve	
  Households	
  Counseled	
  Since	
  April	
  1,	
  2009	
  (Millions)	
  	
  

	
  

Households	
  counseled	
  	
  since	
  	
  April	
  1,	
  2009:	
  7.6	
  million	
  

45	
  
8	
  

40	
  
35	
  

7	
  

30	
  
25	
  

6	
  

20	
  

5	
  

15	
  

4	
  

10	
  
5	
  

3	
  

0	
  

2	
  
1	
  
Purchase	
  

Sources:	
  	
  MBA	
  and	
  HUD.	
  
See	
  Note	
  8,	
  Sources	
  and	
  Methodology.	
  

Refinance	
  

Combined	
  

0	
  

Source:	
  	
  HUD.	
  

June 2012 National Scorecard | Page 4

2012	
  Q1	
  

U.S Department of Housing and Urban Development
U.S. Department of the Treasury

U.S. Department Efforts To Stabilize Development Office and Help American Homeowners
The Obama Administration’s of Housing and Urban The Housing| Marketof Policy Development and Research | June 2012

Indicator

HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS
This Period
Last Period
Cumulative From April 1, 2009

Distressed Homeowners Assisted (thousands)
HAMP Trial Modifications
HAMP Permanent Modifications
FHA Loss Mitigation Interventions
HOPE Now Modifications
HARP Refinances

Latest Release

18.3
17.6
32.7
43.0
79.5

19.4
15.2
30.5
46.6
44.5

1,867
1,026
1,368
2,930
1,202

May-12
May-12
May-12
April-12
March-12

420.4

411.2

7,550

1st Q 12

Borrower Annual Savings ($ millions)
HAMP Active Trial Modifications
HAMP Active Permanent Modifications
All Refinances

----

----

337
5,102
27,705

1st Q 12
1st Q 12
1st Q 12

Activities Completed Under NSP (housing units)
New Construction or Residential Rehab
Demolition or Clearance
Direct Homeownership Assistance

----

----

11,719 [54,588]
22,975 [26,097]
9,050 [18,460]

457.1

–132.7

Counseled Borrowers (thousands)

Change in Aggregate Home Equity ($ billions)

Indicator

Mortgage Rates (30-Yr FRM, percent)

451.9

(r)

HOUSING MARKET FACT SHEET
This Period

Last Period

3.66

Year Ago

3.66

(b)
(b)
(b)

4.51

1st Q 12

As of Dec 2008

Latest Release

5.10

184.4

1st Q 12
1st Q 12
1st Q 12

28-Jun-12

162.9

April-12

Housing Affordability (index)

186.1

202.4

(r)

Home Prices (indices)
Case Shiller (NSA)
FHFA (SA)
CoreLogic - Excluding Distressed Sales (NSA)

135.8
186.8
149.2

134.1
185.2
145.5

(r)
(r)

138.4
181.3
146.4

150.5
196.9
161.5

Home Sales (thousands, SA)
New
Existing
First Time Buyers
Distressed Sales (percent, NSA)

30.8
379.2
151.7
25

28.6
385.0
153.0
28

(r)

25.7
345.8
137.5
31

31.4
334.2
149.9
32

May-12
May-12
May-12
April-12

Housing Supply
Existing Homes for Sale (thousands, NSA)
Existing Homes - Months’ Supply (months)
New Homes for Sale (thousands, SA)
New Homes for Sale - Months’ Supply (months, SA)
Vacant Units Held Off Market (thousands)

2,490
6.6
145
4.7
4,053

2,500
6.5
144
5.0
3,606

3,130
9.1
169
6.6
3,889

3,130
9.4
353
11.2
3,542

May-12
May-12
May-12
May-12
1st Q 12

1,219.4
462.5

1,253.6
410.3

918.1
517.8

767.2
986.4

1st Q 12
1st Q 12

21.9
73.0
56.1

62.9
72.7
56.2

May-12
May-12
May-12

Mortgage Originations (thousands)
Refinance Originations
Purchase Originations

(p)
(p)

(r)
(r)
(r)
(r)

(r)
(r)

April-12
April-12
April-12

FHA Originations (thousands)
Refinance Originations
Purchase Originations
Purchases by First Time Buyers

41.1
76.6
58.3

Mortgage Delinquency Rates (percent)
Prime
Subprime
FHA

3.9
28.8
11.8

3.9
28.9
11.6

4.3
32.4
11.3

4.4
34.3
14.3

May-12
May-12
May-12

1,381
1,599
713

1,395
1,609
707

1,507
1,698
579

915
1,632
333

May-12
May-12
May-12

11,119

10,723

11,089

--

66.3
84.9
54.8
23.9
38.9

59.9
77.5
51.4
28.2
54.3

58.8
89.3
66.9
25.1
69.6

121.5
103.0
78.9
13.9
74.5

Seriously Delinquent Mortgages (thousands)
Prime
Subprime
FHA
Underwater Borrowers (thousands)
Foreclosure Actions (thousands)
Notice of Default (Foreclosure Starts)
Notice of Foreclosure Sale
Foreclosure Completions
Short Sales
REO Sales

(p)
(p)
(p)

(p)
(p)

45.1
65.7
45.5

(r)
(r)
(r)

(r)
(r)

SA = seasonally adjusted, NSA = not SA, p = preliminary, r = revised, b = brackets include units in process.
June 2012 National Scorecard | Page 5

4th Q 10

(r)

May-12
May-12
May-12
April-12
April-12

U.S Department of Housing and Urban Development
U.S. Department of the Treasury

U.S. Department Efforts To Stabilize Development Office and Help American Homeowners
The Obama Administration’s of Housing and Urban The Housing| Marketof Policy Development and Research | June 2012

A. Items in Tables

Description
Distressed Homeowners Assisted
HAMP Trial Modifications
HAMP Permanent Modifications
HARP Refinances
FHA Loss Mitigation Interventions
HOPE Now Modifications
Counseled Borrowers (thousands)
Borrower Annual Savings
HAMP Active Trial Modifications

SOURCES AND METHODOLOGY
Frequency

Sources

Notes on Methodology

Monthly
Monthly
Monthly
Monthly
Monthly

Treasury
Treasury
Federal Housing Finance Agency
HUD
Hope Now Alliance

As reported.
As reported.
As reported.
All FHA loss mitigation and early delinquency interventions.
All proprietary modifications completed.

Quarterly

HUD

Housing counseling activity reported by all HUD-approved housing counselors.

Quarterly

HUD, Treasury, and Freddie Mac

HAMP Active Permanent Modifications

Quarterly

HUD and Treasury

All Refinances

Quarterly

HUD, and MBA

HUD estimate of annualized savings based on Treasury reported active HAMP trial modifications
and Freddie Mac monthly savings estimates.
HUD estimate of annualized savings based on Treasury reported active HAMP permanent
modifications and median monthly savings estimates.
Refinance originations (see below) multiplied by HUD estimate of annualized savings per refinance.

Completed Activities Under NSP (housing units)
New Construction or Residential Rehab

Quarterly

HUD

Demolition or Clearance

Quarterly

HUD

Direct Homeownership Assistance

Quarterly

HUD

Change in Aggregate Home Equity

Quarterly

Federal Reserve Board

Mortgage Rates (30-Yr FRM)

Weekly

Freddie Mac

Primary Mortgage Market Survey, as reported for 30-Year fixed rate mortgages (FRM).

Housing Affordability

Monthly

National Association of Realtors ®

NAR’s composite housing affordability index as reported. A value of 100 means that a
family with the median income has exactly enough income to qualify for a mortgage on a
median-priced home. An index above 100 signifies that family earning the median income
has more than enough income to qualify.

Home Prices
Case-Shiller (NSA)

Monthly

Standard and Poor’s

Monthly
Monthly

Federal Housing Finance Agency
CoreLogic

Case-Shiller 20-metro composite index, January 2000 = 100. Standard and Poor’s recommends
use of not seasonally adjusted index when making monthly comparisons.
FHFA monthly (purchase-only) index for US, January 1991 = 100.
CoreLogic national combined index, distressed sales excluded, January 2000 = 100.
(Only available as NSA).

Monthly

HUD and Census Bureau

Existing

Monthly

National Association of Realtors ®

First Time Buyers

Monthly

NAR, Census Bureau, and HUD

Distressed Sales (NSA)

Monthly

CoreLogic

Housing Supply
Existing Homes for Sale (NSA)
Existing Homes - Months’ Supply
New Homes for Sale (SA)
New Homes for Sale - Months’ Supply (SA)
Vacant Units Held Off Market

Monthly
Monthly
Monthly
Monthly
Quarterly

National Association of Realtors ®
National Association of Realtors ®
HUD and Census Bureau
HUD and Census Bureau
Census Bureau

As reported.
As reported.
As reported.
As reported.
As reported in Census CPS/HPS Table 4. Estimates of Housing Inventory, line item “Year-round
vacant, held off market for reasons other than occasional use or usually reside elsewhere.”
Vacant units can be held off the market for a variety of reasons.

Mortgage Originations
Refinance Originations

Quarterly

Purchase Originations

Quarterly

Mortgage Bankers Association
and HUD
Mortgage Bankers Association
and HUD

HUD estimate of refinance originations based on MBA estimate of dollar volume of refiance
originations.
HUD estimate of home purchase originations based on MBA estimate of dollar volume of home
purchase originations.

FHFA (SA)
CoreLogic - Excluding Distressed Sales (NSA)
Home Sales (SA)
New

Housing units constructed/rehabilitated using Neighborhood Stabilization Program.
Bracketed numbers include units in process, to be completed by 3/2013.
Housing units demolished/cleared using Neighborhood Stabilization Program. Bracketed
numbers as above.
Completed downpayment assistance or non-amortizing second mortgages by grantee to
make purchase of NSP unit affordable. Bracketed numbers as above.
Difference in aggregate household owners’ equity in real estate as reported in the Federal
Reserve Board’s Flow of Funds Accounts of the United States for stated time period.

Seasonally adjusted annual rates divided by 12. A newly constructed house is considered
sold when either a sales contract has been signed or a deposit accepted, even if this occurs
before construction has actually started.
Seasonally adjusted annual rates divided by 12. Existing-home sales, which include singlefamily, townhomes, condominiums and co-ops, are based on transaction closings. This differs
from the U.S. Census Bureau’s series on new single-family home sales, which are based on
contracts or the acceptance of a deposit.
Sum of seasonally adjusted new and existing home sales (above) multiplied by National
Association of Realtors® annual estimate of first time buyer share of existing home sales.
Short sales and REO (Real Estate Owned) sales as a percent of total existing home sales
(current month subject to revision).

FHA Originations
Refinance Originations
Purchase Originations
Purchases by First Time Buyer
Mortgage Delinquency Rates (NSA)
Prime
Subprime
FHA

Monthly
Monthly
Monthly

HUD
HUD
HUD

FHA originations reported as of date of loan closing. Estimate for current month scaled upward
due to normal reporting lag and shown as preliminary.

Monthly
Monthly
Monthly

LPS Applied Analytics
LPS Applied Analytics
HUD

Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.
Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.
Total FHA mortgages past due (30+ days) but not in foreclosure, divided by FHA’s insurance in force.

Seriously Delinquent Mortgages
Prime
Subprime
FHA

Monthly
Monthly
Monthly

LPS Applied Analytics, MBA, and HUD Mortgages 90+ days delinquent or in foreclosure, scaled up to market.
LPS Applied Analytics, MBA, and HUD Mortgages 90+ days delinquent or in foreclosure, scaled up to market.
HUD
Mortgages 90+ days delinquent or in foreclosure.

Underwater Borrowers

Quarterly

CoreLogic

As reported.

Foreclosure Actions
Notice of Default (Foreclosure Starts)

Monthly

Realty Trac

Monthly
Monthly
Monthly
Monthly

Realty Trac
Realty Trac
CoreLogic
CoreLogic

Reported counts of notice of default plus lis pendens. Some foreclosure starts may be omitted in
states where the filing of a notice of default is optional.
Notice of sale (auctions).
Real Estate Owned (REO).
Count of Short Sales for the month as reported (current month subject to revision).
Count of REO (Real Estate Owned) Sales for the month as reported (current month subject to
revision).

Notice of Foreclosure Sale
Foreclosure Completions
Short sales
REO Sales

June 2012 National Scorecard | Page 6

U.S Department of Housing and Urban Development
U.S. Department of the Treasury

U.S. Department Efforts To Stabilize Development Office and Help American Homeowners
The Obama Administration’s of Housing and Urban The Housing| Marketof Policy Development and Research | June 2012

SOURCES AND METHODOLOGY
B. Notes on Charts.
1. Monthly house price trends shown as changes in respective house price indices applied to a common base price set equal to the median price of an existing
home sold in January 2003 as reported by the National Association of Realtors. Indices shown: S&P/Case Shiller 20-metro composite index (NSA), January
2000 = 100, FHFA monthly (purchase-only) index for US (SA), January 1991 = 100, and CoreLogic-Distressed Sales Excluded (Monthly) for US (NSA),
January 2000 =100.
2. S&P/Case-Shiller 20 metro composite index (NSA) as reported monthly. Futures index figures report forward expectations of the level of the S&P/Case Shiller
index as of the date indicated, estimated from prices of futures purchased on the Chicago Board of Exchange reported by Radar Logic.
3. Reported seasonally adjusted annual rates for new and existing home sales divided by 12.
4. HUD estimate of refinance originations based on MBA estimate of dollar volume of refinance originations.
5. Cumulative HAMP permanent modifications started, FHA loss mitigation and early delinquency interventions, plus proprietary modifications completed as
reported by Hope Now Alliance. Some homeowners may be counted in more than one category. Foreclosure completions are properties entering Real
Estate Owned (REO) as reported by Realty Trac.
6. Foreclosure starts include notice of default and lis pendens, completions are properties entering REO. Both as reported by Realty Trac. See “Foreclosure
Actions” above.
7. See “Borrower Annual Savings” above.
8. FHA market shares as FHA purchase and refinance originations divided by HUD estimates of purchase and refinance mortgage originations as noted in
“Mortgage Originations” above. Data for 2010 and 2011 have been revised.

C. Additional Notes.
Additional loan servicers were added to the LPS Applied Analytics data base in March 2012, increasing market coverage of active prime loans in the LPS
sample by 0.5 percent and active subprime loans by 20 percent. Since the estimated number of delinquent loans from this source have always been scaled
to represent the entire market, the additional market coverage would not necessarily increase the number of delinquent loans reported here. The increased
sample size improves the accuracy of the estimates.

June 2012 National Scorecard | Page 7

U.S Department of Housing and Urban Development
U.S. Department of the Treasury

U.S. Department Efforts To Stabilize Development Office and Help American Homeowners
The Obama Administration’s of Housing and Urban The Housing| Marketof Policy Development and Research | June 2012

Appendix
The Administration has taken a broad set of actions to stabilize the housing market and help
American homeowners. Three years ago, stress in the financial system had severely reduced
the supply of mortgage credit, limiting the ability of Americans to buy homes or refinance
mortgages. Millions of responsible families who had made their monthly payments and had
fulfilled their obligations saw their property values fall. They also found themselves unable to
refinance at lower mortgage rates.
In February 2009, less than one month after taking office, President Obama announced the
Homeowner Affordability and Stability Plan. As part of this plan and through other housing
initiatives, the Administration has taken the following actions to strengthen the housing market:
•

Supported Fannie Mae and Freddie Mac to ensure continued access to affordable
mortgage credit;

•

The Federal Reserve and the U.S. Treasury purchased more than $1.4 trillion in agency
mortgage backed securities through independent MBS purchase programs, helping to
keep mortgage rates at historic lows;

•

Launched a modification initiative to help homeowners reduce mortgage payments to
affordable levels and to prevent avoidable foreclosures;

•

Launched a $23.5 billion Housing Finance Agencies Initiative to increase sustainable
homeownership and rental resources;

•

Supported the First Time Homebuyer Tax Credit, which helped more than 2.5 million
American families purchase homes;

•

Provided more than $5 billion in support for affordable rental housing through low
income housing tax credit programs and $6.92 billion in support for the Neighborhood
Stabilization Program to restore neighborhoods hardest hit by the concentrated
foreclosures;

•

Created the $7.6 billion HFA Hardest Hit Fund for innovative foreclosure prevention
programs in the nation’s hardest hit housing markets;

•

Launched the $1 billion Emergency Homeowners Loan Program, as part of the DoddFrank Wall Street Reform and Consumer Protection Act, to help unemployed and
underemployed homeowners pay a portion of their monthly mortgage.

•

Created an FHA Short Refinance Option that helps underwater borrowers refinance into
a new, stable, FHA-insured mortgage that is more aligned with actual property values.

•

Supported home purchase and refinance activity through the FHA to provide access to
affordable mortgage capital and help homeowners prevent foreclosures.

•

Implemented a series of changes to the Home Affordable Refinance Program (HARP) in
an effort to attract more eligible borrowers who can benefit from refinancing their home
mortgages during this time of historically low mortgage rates.
###

June 2012 National Scorecard | Page 8


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