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Making Home Affordable Program Servicer Performance Report Through October 2009 Overview of Administration Housing Stability Initiatives Initiatives to Support Access to Affordable Mortgage Credit and Housing Lower Mortgage Rates and Access to Credit: • Continued financial support to maintain affordable mortgage rates through the Government Sponsored Enterprises (GSEs) • Access to sustainable mortgages through the Federal Housing Administration (FHA) • Support for mortgage funding through Treasury’s Mortgage-Backed Security (MBS) purchase program as well as purchases by the Federal Reserve Initiatives to Prevent Avoidable Foreclosures and Stabilize Neighborhoods Making Home Affordable – Modifications: • Goal of offering 3-4 million homeowners lower mortgage payments through a modification over three years Making Home Affordable – Refinancing: • Refinancing flexibility and low mortgage rates, which have allowed over 3 million borrowers to refinance, saving an estimated $150 per month on average and more than $6 billion dollars in total over the first year Hope for Homeowners: State and Local Housing Initiatives: • Access for Housing Finance Agencies (HFAs) to provide mortgages to first-time homebuyers, refinancing opportunities to at-risk borrowers, and help in developing affordable rental housing Tax Credits for Housing: • First-time homebuyer credit to help more homebuyers buy a new home • Low-Income Housing Tax Credit (LIHTC) programs to support affordable rental housing • Sustainable refinancing opportunity for some homeowners to restore equity as integrated component of MHA Neighborhood Stabilization and Community Development Programs: • Support for the hardest hit communities to help stabilize neighborhoods Making Home Affordable Program Servicer Performance Report Through October 2009 Housing Inventory 14 20 18 16 14 12 10 8 6 4 2 0 12 10 Conventional 30-year Fixed Rate Months Percent Mortgage Rates Months' supply of existing homes at the current sales pace 8 6 4 10-year Treasury Rate 2 Months' supply of new homes at the current sales pace 0 1999 1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 Source: Federal Reserve. 2005 2008 Source: National Association of Realtors. Home Prices New and Existing Home Sales Index: Jan 2000 = 100 Sales of existing homes (right axis) 1,600 230 210 190 170 150 130 110 90 70 50 1999 2002 FHFA purchase-only index Loan Performance National Home Price Index Thousands Case/Shiller 20city composite 7,000 1,400 6,000 1,200 5,000 1,000 4,000 800 Sales of new homes (left axis) 600 3,000 400 2,000 200 1,000 0 2002 2005 Sources: S&P/Case-Shiller Home Price Index; LP/Haver Analytics; FHFA. Note: Shaded areas indicate recessions. 2008 0 1999 2002 2005 Source: National Association of Realtors, Census Bureau. 2008 Making Home Affordable Program Servicer Performance Report Through October 2009 Home Affordable Modification Program (HAMP) Snapshot through October 2009 Number of Trial Modifications1 650,994 Number of Trial Period Plan Offers Extended to Borrowers (Cumulative) 2 919,965 Number of Requests for Financial Information Sent to Borrowers (Cumulative) 2 HAMP Trial Modifications (Cumulative, by Month) 2,776,740 1 Active trial and permanent modifications as of October 31; based on numbers reported by servicers to the HAMP system of record. 2 Source: Survey data provided by servicers, through October 29. Source: Active trial and permanent modifications as of October 31; based on numbers reported by servicers to the HAMP system of record. HAMP Participating Servicers HAMP Trial Plans Offered to Borrowers (Cumulative, by Month) Approximately 85% of eligible mortgage debt outstanding is covered by HAMP participating servicers. 71 servicers have signed servicer participation agreements to modify loans under HAMP. These participants service loans owned or guaranteed by Fannie Mae or Freddie Mac, loans held in portfolio, or loans serviced on behalf of other investors. Approximately 2,300 lenders service loans owned or guaranteed by Fannie Mae or Freddie Mac. These servicers are automatically eligible to participate in HAMP. Additional information on HAMP can be found on MakingHomeAffordable.gov or by calling the Homeowner’s HOPE Hotline at 1-888-995-HOPE (4673). Source: Survey data provided by servicers. September data includes October 1. October data is 10/2 through 10/29. Making Home Affordable Program Servicer Performance Report Through October 2009 HAMP Modification Activity by Servicer Servicer American Home Mortgage Servicing Inc Aurora Loan Services, LLC Bank of America, NA3 Bank United Bayview Loan Servicing, LLC Carrington Mortgage Services LLC CCO Mortgage CitiMortgage, Inc. Franklin Credit Management Corporation GMAC Mortgage, Inc. Green Tree Servicing LLC HomEq Servicing J.P. Morgan Chase Bank, NA4 Litton Loan Servicing LP MorEquity, Inc. National City Bank Nationstar Mortgage LLC Ocwen Financial Corporation, Inc. OneWest Bank Residential Credit Solutions RG Mortgage Corporation Saxon Mortgage Services, Inc. Select Portfolio Servicing US Bank NA Wachovia Mortgage, FSB5 Wells Fargo Bank, NA Other SPA servicers6 Other GSE Servicers7 Total Trial Modification Tracker: Active Trial Modifications as a Share of Estimated Eligible 60+ Day Delinquencies Trial Modifications as Trial Plan Offers as Share of Estimated Trial Plan Share of Estimated Estimated Participation Eligible 60+ Day Offers Eligible 60+ Day Active Trial Eligible 60+ Day Date Delinquency1 Extended Delinquencies Modifications 2 Delinquencies 7/22/09 5/1/29 4/17/29 10/23/09 7/1/09 4/27/09 6/17/09 4/13/09 116,742 74,846 990,628 9,045 9,639 18,217 4,652 221,916 9,649 39,897 212,753 0 2,672 1,981 1175 110,796 8% 53% 21% 0% 28% 11% 25% 50% 5,082 24,491 136,994 0 2,116 1,135 789 88,968 4% 33% 14% 0% 22% 6% 17% 40% 9/11/09 4/13/09 4/24/09 8/5/09 4/13/09 8/12/09 7/17/09 6/26/09 5/28/09 4/16/09 8/28/09 6/12/09 6/17/09 4/13/09 4/13/09 9/9/09 7/1/09 4/13/09 --- 2,643 65,946 4,034 40,766 422,807 110,027 2,299 42,504 31,736 67,912 110,496 1,524 3,237 80,477 62,094 29,654 78,272 323,198 5,134 288,747 3,219,192 0 35,890 1028 1348 182,622 17,764 123 15,621 20,110 13,196 30,331 379 337 38,327 37,695 8,590 5,162 132,182 337 NA 919,965 0% 54% 25% 3% 43% 16% 5% 37% 63% 19% 27% 25% 10% 48% 61% 29% 7% 41% 7% NA 29% 0 23,078 694 91 133,988 13,093 3 7,906 10,154 7,636 14,044 350 70 35,027 18,156 4,477 2,363 93,652 213 26,424 650,994 0% 35% 17% 0% 32% 12% 0% 19% 32% 11% 13% 23% 2% 44% 29% 15% 3% 29% 4% 9% 20% 1 Estimated eligible 60+ day delinquent mortgages as reported by servicers as of September 30, 2009 include loans: in foreclosure and bankruptcy. with a current unpaid principal balance less than $729,750 on a one-unit property, $934,200 on a two-unit property, $1,129,250 on a three-unit property and $1,403,400 on a four-unit property. on a property that was owner-occupied at origination. originated prior to January 1, 2009. Estimated eligible 60+ day delinquent loans excludes: FHA and VA loans. loans that are current or less than 60 days delinquent, which may be eligible for HAMP if a borrower is in imminent default. For servicers enrolling after October 1, delinquency counts are taken from the servicer registration form. 2 Active trial and permanent modifications as reported into the HAMP system of record by servicers. 3 Bank of America, NA includes Countrywide Home Loans Servicing LP, Home Loan Services and Wilshire Credit Corporation. 4 J.P. Morgan Chase Bank, NA includes EMC Mortgage Corporation. 1 1 1 5 Wachovia Mortgage FSB includes Wachovia Bank NA. SPA servicers are entities with less than 1,000 estimated eligible 60+ day delinquencies that have signed participation agreements with Treasury and Fannie Mae. Those servicers are: Allstate Mortgage Loans and Investments; AMS Servicing, LLC; Bay Federal Credit Union; Central Florida Educators Federal Credit Union; Central Jersey Federal Credit Union; Citizens First Wholesale Mortgage Company; CUC Mortgage Corp.; DuPage Credit Union; Farmers State Bank; First Bank; First Federal Savings and Loan; Glass City Federal Credit Union; Great Lakes Credit Union; Harleysville National Bank & Trust; Horicon Bank; IBM Southeast Employees’ Federal Credit Union; IC Federal Credit Union; Lake City Bank; Lake National Bank; Members Mortgage Company Inc.; Metropolitan National Bank; Mission Federal Credit Union; Mortgage Center LLC; Mortgage Clearing Corp.; Oakland Municipal Credit Union; ORNL Federal Credit Union; PennyMac Loan Services LLC; PNC Bank, NA; Purdue Employees Federal Credit Union; Roundpoint Mortgage Servicing Corp.; Schools Financial Credit Union; SEFCU; Servis One, Inc.; Shore Bank; Stanford Federal Credit Union; Technology Credit Union; United Bank Mortgage Corp.; Vantium Capital, Inc.; Wescom Central Credit Union; and Yadkin Valley Bank. 7 Includes approximately 2,300 participants that service loans owned or guaranteed by Fannie Mae and Freddie Mac. 6 Other 1 1 HomeEq, Litton, OneWest and USBank began participation after July 31, 2009. Bank United is excluded from this list as it began participation on October 23. Note: Servicer rollups are the same as the table at left. August trials as a share of 60+ day delinquencies on July 31, 2009. September trials as a share of 60+ day delinquencies on August 31, 2009. October trials as a share of 60+ day delinquencies on September 30, 2009. Making Home Affordable Program Servicer Performance Report Through October 2009 Active Trial Modifications by State State Alabama Modifications State HAMP Activity by State Modifications 4,651 Montana 897 Alaska 431 Nebraska 1,110 Arizona 34,424 Nevada 17,566 Arkansas 1,850 New Hampshire 3,003 California 134,609 New Jersey 22,102 Colorado 9,657 New Mexico 2,268 Connecticut 8,446 New York 28,773 Delaware 2,184 North Carolina 13,654 District of Columbia 1,177 North Dakota 170 Florida 82,614 Ohio 14,132 Georgia 25,675 Oklahoma 2,022 Hawaii 2,331 Oregon 7,560 Idaho 2,660 Pennsylvania 15,223 Illinois 33,514 Rhode Island 3,058 Indiana 7,449 South Carolina 7,194 Iowa 2,095 South Dakota 324 Kansas 2,006 Tennessee 7,712 Kentucky 2,928 Texas 21,260 Louisiana 4,061 Utah 5,427 Maine 1,766 Vermont 494 Maryland 21,634 Virginia 16,981 Massachusetts 14,677 Washington 12,869 Michigan 22,031 West Virginia 1,180 Minnesota 12,933 Wisconsin 6,679 Mississippi 2,774 Wyoming 352 Missouri 8,105 Other* 575 * Includes Puerto Rico and the U.S. Virgin Islands. Note: Figures include active trial and permanent modifications through November 5. 100 to 2,000 modifications 2,001 to 6,000 6,001 to 15,000 15,000+ Note: Includes active trial and permanent modifications from the official HAMP system of record. 60+ Day Delinquent Loans as a % of Outstanding Mortgage Loans 0 to 6.0% 6.01% to 7.0% Source: Mortgage Bankers Association. 7.01% to 9.0% 9.01% and greater
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