News and Views
On January 15, 2010, the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) released an update on the Obama Administration's nationwide campaign to help borrowers in the trial phase of their modified mortgages convert to permanent modifications under the Home Affordable Modification Program (HAMP).
The new December data demonstrates that there has been a significant acceleration in the rate at which borrowers are being approved for permanent modifications.
As of December, more than 110,000 permanent modifications have been approved, including 66,000 that borrowers have accepted and 46,000 awaiting only the borrower's signature. Under HAMP, more than 850,000 homeowners have had a median payment reduction exceeding $500.
HAMP was designed to offer through 2012 up to 3-4 million homeowners reduced monthly mortgage payments that are affordable and sustainable over the long-term.
Making Home Affordable Program
Servicer Performance Report Through December 2009
Fourth Quarter Findings
- Approximately 89% of eligible mortgage debt outstanding is covered by HAMP participating servicers.
- HAMP servicers rose from 63 to 102. (2,300 lenders servicing loans owned or guaranteed by Fannie Mae or Freddie Mac are automatically eligible to participate in HAMP.)
- The volume of active trial and permanent modifications rose by more than 75% from the 3rd quarter.
- December Conversion Campaign resulted in an increase in the number of permanent modifications of more than 100%.
- More than 46,000 offers for permanent modifications have been sent to borrowers.
Charts, Graphs, Maps, Analyses
- Mortgage Rates Housing Inventory
- Home Prices
- New and Existing Home Sales
- Home Affordable Modification Program (HAMP) Snapshoth
- HAMP Trials Started (Cumulative, by Month)
- HAMP Program Highlights
- HAMP Trial Plans Offered to Borrowers (Cumulative, by Month)
- Permanent Modifications by Waterfall Step
- Predominant Hardship Reasons for Permanent Modifications
- Select Median Characteristics of Permanent Modifications
- HAMP Modification Activity by Servicer
- Active Modifications as a Share of Estimated Eligible 60+ Day Delinquencies
- HAMP Activity by State
- Mortgage Delinquency Rates by State
- 15 Metropolitan Areas With Highest HAMP Activity
- HAMP Modifications by Investor Type (20 Largest Servicers)
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- Referrals to expert, nationwide legal counsel to handle loss mitigation and loan modification strategies
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Making Home Affordable Program
Servicer Performance Report Through December 2009 - January 15, 2010
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