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Making Home Affordable Program Servicer Performance Report Through November 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) 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 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: • 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 1 Making Home Affordable Program Servicer Performance Report Through November 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 20‐ city 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 0 2002 2005 Sources: S&P/Case-Shiller Home Price Index; LP/Haver Analytics; FHFA. Note: Shaded areas indicate recessions. 2008 1999 2002 2005 2008 Source: National Association of Realtors, Census Bureau. 2 Making Home Affordable Program Servicer Performance Report Through November 2009 HAMP Active Trial and Permanent Modifications (Cumulative, by Month) Home Affordable Modification Program (HAMP) Snapshot through November 2009 800,000 Number of Requests for Financial Information Sent to Borrowers (Cumulative) 1 3,137,548 Number of Trial Period Plan Offers Extended to Borrowers (Cumulative) 1 1,032,837 All HAMP Trials Started Since Program Inception2 487,081 500,000 759,058 386,865 400,000 728,408 300,000 Number of Active Trial Modifications2 697,026 200,000 Number of Permanent Modifications3 31,382 100,000 2 As 650,994 600,000 All Active Modifications (Trial and Permanent) 1 Source: 728,408 700,000 Survey data provided by servicers. November data is through Nov. 26. 253,673 143,276 50,130 0 May and Prior reported by the HAMP system of record. 3 Active permanent modifications as reported by servicers into the HAMP system of record. Includes 16,261 permanent modifications receiving incentive payments to servicers in November. HAMP Program Highlights Approximately 85% of eligible mortgage debt outstanding is covered by HAMP participating servicers. 78 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. The Administration has launched a month-long conversion campaign to ensure that servicers increase focus on the hundreds of thousands of borrowers eligible to move from the trial to the permanent modification phase at the end of December. Additional information on HAMP can be found on MakingHomeAffordable.gov or by calling the Homeowner’s HOPE Hotline at 1-888-995-HOPE (4673). June July August September October November Source: Active trial and permanent modifications as of November 30; based on numbers reported by servicers to the HAMP system of record. HAMP Trial Plans Offered to Borrowers (Cumulative, by Month) 1,200,000 1,032,837 1,000,000 919,965 757,955 800,000 571,354 600,000 406,542 400,000 242,366 200,000 105,806 0 May June July August September Source: Survey data provided by servicers. September data includes October 1. October data is 10/2 through 10/29. November data is through Nov. 26. October November 3 Making Home Affordable Program Servicer Performance Report Through November 2009 HAMP Modification Activity by Servicer Servicer Participation Date Estimated Eligible 60+ Day Delinquency1 Trial Plan Offers Extended All HAMP Trials Started Active Trial Modifications 2 Active Trials + Permanents as Share of Eligible Permanent 60+ Day Modifications2 Delinquencies American Home Mortgage Servicing Inc 7/22/09 120,787 12,621 7,642 7,430 201 6% Aurora Loan Services, LLC3 5/1/09 75,829 38,110 32,794 21,717 3,622 33% 4/17/09 1,018,192 244,139 158,462 156,864 98 10/23/09 5,102 672 0 0 0 0% Bayview Loan Servicing, LLC 7/1/09 9,908 3,638 2,995 2,884 50 30% Carrington Mortgage Services LLC 4/27/09 18,413 2,298 1,491 1,198 293 8% Bank of America, NA4 Bank United Trial Modification Tracker: Active Modifications as a Share of Estimated Eligible 60+ Day Delinquencies Saxon 44% CitiMortgage 43% GMAC 39% Aurora 15% 33% Select Portfolio 32% J.P. Morgan Chase 31% Wells Fargo CCO Mortgage 6/17/09 5,173 1,353 789 789 0 15% CitiMortgage, Inc. 5 Franklin Credit Management Corporation 4/13/09 233,924 127,594 103,478 100,126 271 43% 9/11/09 9,612 0 0 0 0 0% GMAC Mortgage, Inc. 4/13/09 67,539 39,657 28,275 19,559 7,111 39% Nationstar Green Tree Servicing LLC 4/24/09 4,072 1,154 754 692 2 17% PNC Mortgage Bayview 30% US Bank HomEq Servicing 8/5/09 40,969 1,987 657 657 0 2% J.P. Morgan Chase Bank, NA6 4/13/09 448,815 199,033 143,027 136,686 4,302 31% Litton Loan Servicing LP 8/12/09 109,614 22,702 16,909 16,870 39 15% MorEquity, Inc. 7/17/09 2,283 392 49 49 0 2% Nationstar Mortgage LLC 5/28/09 Ocwen Financial Corporation, Inc. OneWest Bank 47,566 22,251 4/16/09 66,351 15,961 8/28/09 111,674 35,313 11,717 11,286 358 24% 9,783 5,515 4,252 15% 19,623 19,623 0 18% PNC Mortgage7 6/26/09 45,240 17,526 10,591 9,902 18 22% Residential Credit Solutions 6/12/09 2,189 399 368 270 98 17% RG Mortgage Corporation 6/17/09 3,223 348 90 67 23 3% Saxon Mortgage Services, Inc. 4/13/09 80,309 39,145 35,608 35,565 42 44% 42,244 26,806 19,552 218 32% 9,084 6,518 6,480 38 25% American Home 82,457 6,542 2,371 1,980 351 3% 334,949 148,240 104,808 96,137 3,537 30% Other SPA servicers9 -- 4,779 434 432 251 167 8% Other GSE Servicers10 -- 262,842 NA 33,021 24,877 6,291 NA 3,299,780 1,032,837 1 Estimated eligible 60+ day delinquent mortgages as reported by servicers as of October 31, 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. Servicers enrolling after November 1 did not participate in the 60+ day delinquency survey. 2 Active trial and permanent modifications as reported into the HAMP system of record by servicers. 3 Aurora Loan Services, LLC includes Aurora Financial Group. 4 Bank of America, NA includes Bank of America, NA, BAC Home Loans Servicing LP, Home Loans Services and Wilshire Credit Corporation. 5 CitiMortgage, Inc. includes CitiMortgage, Inc. Master Servicing Division. 6 J.P. Morgan Chase Bank, NA includes EMC Mortgage Corporation. 759,058 697,026 31,382 15% 15% 8% 6% Wachovia 3% RG Mortgage 3% HomEq 24% November 15% Ocwen 26,354 October 15% Litton 61,615 September 17% Bank of America 9/9/09 7/1/09 17% CCO 4/13/09 4/13/09 18% Residential Credit US Bank NA Wells Fargo Bank, NA 24% 22% Green Tree Select Portfolio Servicing Wachovia Mortgage, FSB8 25% OneWest Carrington Total 30% 2% 7 Formerly National City Bank. Wachovia Mortgage FSB includes Wachovia Bank NA. 9 Other 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; First Keystone Bank; Glass City Federal Credit Union; Great Lakes Credit Union; Harleysville National Bank & Trust; Hillsdale County National Bank; Horicon Bank; IBM Southeast Employees’ Federal Credit Union; IC Federal Credit Union; Lake City Bank; Lake National Bank; Los Alamos National Bank; Marix Servicing LLC; 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; Purdue Employees Federal Credit Union; Qlending Inc.; Quantum Servicing Corp.; 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. 10 Includes approximately 2,300 participants that service loans owned or guaranteed by Fannie Mae and Freddie Mac. MorEquity 8 Bank United 2% 1 0% 0% 10% 20% 30% 40% 50% % of Eligible 60+ Day Loans in Active Trial 1 Bank United began participation on October 23, 2009. Note: Includes active trial and permanent modifications. Servicer combinations are the same as the table at left. 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. November trials as a share of 60+ day delinquencies on October 31, 2009. 4 Making Home Affordable Program Servicer Performance Report Through November 2009 HAMP Activity by State HAMP Portfolio Composition (20 Largest Servicers) State Servicer GSE Private Portfolio Total Modifications State Modifications 5,086 Montana 982 Alaska 439 Nebraska 1,238 Arizona 37,208 Nevada 19,247 Arkansas 2,055 New Hampshire 3,301 California 148,350 New Jersey 24,299 Colorado 10,574 New Mexico 2,506 Connecticut 9,327 New York 32,305 Alabama Bank of America, NA1 99,351 53,662 5,449 158,462 JP Morgan Chase NA2 CitiMortgage, Inc. Wells Fargo Bank, NA Saxon Mortgage Services Inc. GMAC Mortgage, Inc. Aurora Loan Services, LLC Select Portfolio Servicing 61,321 67,538 81,003 1,117 15,624 19,413 622 60,893 6,557 0 34,137 12,651 13,013 23,358 20,813 29,383 23,805 354 0 368 2,826 143,027 103,478 104,808 35,608 28,275 32,794 26,806 OneWest Bank 12,981 5,757 885 19,623 Delaware 2,410 North Carolina 15,037 Litton Loan Servicing LP Nationstar Mortgage LLC PNC Mortgage3 Ocwen Financial Corporation, Inc. American Home Mortgage Servicing Inc US Bank NA Bayview Loan Servicing, LLC Wachovia Mortgage, FSB4 Carrington Mortgage Services LLC CCO Mortgage Green Tree Servicing LLC Remainder of HAMP Servicers Total 2,607 7,346 9,546 0 4,206 6 14,302 165 1,039 16,909 11,717 10,591 District of Columbia 1,304 North Dakota 182 Florida 90,575 Ohio 16,107 Georgia 28,305 Oklahoma 2,256 1 Bank 1,075 8,702 6 9,783 Hawaii 2,575 Oregon 8,241 643 6,999 0 7,642 Idaho 2,939 Pennsylvania 16,848 5,615 0 1,519 6 2,896 93 897 99 759 6,518 2,995 2,371 Illinois 37,552 Rhode Island 3,399 Indiana 8,224 South Carolina 7,940 0 1,491 0 1,491 Iowa 2,338 South Dakota 352 Kansas 2,181 Tennessee 8,492 Kentucky 3,240 Texas 23,963 Louisiana 4,496 Utah 6,073 Maine 1,985 Vermont 534 Maryland 23,930 Virginia 18,652 Massachusetts 16,401 Washington 14,193 Michigan 24,626 West Virginia 1,285 Minnesota 14,154 Wisconsin 7,421 Mississippi 3,050 Wyoming 383 Missouri 9,026 Other* 645 589 655 33,526 422,091 0 200 94 5 664 427 235,185 101,782 of America, NA includes Bank of America, NA, BAC Home Loans Servicing LP, Home Loans Services and Wilshire Credit Corporation. 2 J.P. Morgan Chase Bank, NA includes EMC Mortgage Corporation. 3 Formerly National City Bank. 4 Wachovia Mortgage FSB includes Wachovia Bank NA. Note: Figures reflect all HAMP trials started. 789 754 34,617 759,058 * Includes Guam, Puerto Rico and the U.S. Virgin Islands. Note: Figures include active trial and permanent modifications. They do not include 177 loans that did not have identifiable state data. 5 Making Home Affordable Program Servicer Performance Report Through November 2009 15 Metropolitan Areas With Highest HAMP Activity Metropolitan Statistical Area New York-Northern New JerseyLong Island, NY-NJ-PA Los Angeles-Long Beach-Santa Ana, CA Chicago-Naperville-Joliet, IL-IN-WI Miami-Fort Lauderdale-Pompano Beach, FL Riverside-San BernardinoOntario, CA HAMP Activity by State Modifications % of Total 43,873 6.0% 42,777 5.9% 36,208 5.0% 34,860 4.8% 34,688 4.8% 30,830 4.2% 25,318 3.5% 22,893 3.1% Las Vegas-Paradise, NV 16,003 2.2% Detroit-Warren-Livonia, MI 15,237 2.1% Orlando-Kissimmee, FL 14,609 2.0% 12,758 1.8% 11,627 1.6% 11,615 1.6% 11,334 1.6% Phoenix-Mesa-Scottsdale, AZ Washington-Arlington-Alexandria, DC-VA-MD-WV Atlanta-Sandy Springs-Marietta, GA Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Minneapolis-St. PaulBloomington, MN-WI Boston-Cambridge-Quincy, MA-NH Tampa-St. PetersburgClearwater, FL HAMP Modifications 5,000 and lower 5,001 – 10,000 10,001 – 20,000 20,001 – 35,000 35,001 and higher Note: Figures include active trial and permanent modifications. Note: Includes active trial and permanent modifications from the official HAMP system of record. Mortgage Delinquency Rates by State 60+ Day Delinquency Rate 5.0% and lower 5.01% - 10.0% 10.01% - 12.5% 12.51% and higher Source: Mortgage Bankers Association. Data is as of 3rd Quarter 2009. 6
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