PDF《Making Home Affordable》

Making Home Affordable Program Performance Report Through November

2011 16-17 Report Highlights Nearly 910,000 Homeowners Granted Permanent Modifications ? Program to date, homeowners in permanent modifications have saved an estimated $9.

9 billion in monthly mortgage payments. Homeowners in active first lien permanent modifications are currently saving a median of $530 per month C more than one-third of the median before-modification payment. ? Eighty-three percent of eligible homeowners entering a HAMP trial modification since June 1,

2010 received a permanent modification, with an average trial period of 3.5 months. ? In addition, the Office of the Comptroller of the Currency (OCC) released its Third Quarter

2011 Mortgage Metrics Report which continues to report lower delinquency and re-default rates for HAMP as compared to other industry modifications. Inside: Expanded Reporting on the Second Lien Modification Program ? This month, additional detail on the Second Lien Modification Program (2MP) is available, including servicer-level detail on eligible second liens. ? Homeowners in 2MP save a median of $163 per month on their second mortgage, in addition to the savings realized from the modification of their first mortgage under HAMP. ? Over one-third of 2MP borrowers reside in California (35%), followed by Florida (9%) and New York (6%). Inside: SUMMARY RESULTS: First Lien Modification Activity Waterfall of Eligible Borrowers/ First Lien Modification Characteristics Second Lien Modification Program (2MP) Activity for PRA, Treasury FHA-HAMP, HAFA and UP / Modifications by Investor Type HAMP Activity by State HAMP Activity by MSA/ Homeowner Outreach Aged Trials SERVICER RESULTS: First Lien Modification Activity by Servicer First Lien, PRA, 2MP, and HAFA Activity by Servicer Trial Length Conversion Rate Homeowner Experience Disposition of Homeowners Not in HAMP APPENDICES: Participants in MHA Programs

2 3

4 5

6 7

8 9

10 11

12 13 14-15 Making Home Affordable: Summary Results Program Performance Report Through November

2011 HAMP Activity: First Lien Modifications Total HAMP Eligibility (As of Oct. 31, 2011) Eligible Delinquent Loans1 2,539,502 Eligible Delinquent Borrowers2 891,542 Trial Modifications Trial Plan Offers Extended (Cumulative)3 1,984,196 All Trials Started 1,754,516 Trials Reported Since October

2011 Report4 19,059 Trial Modifications Canceled (Cumulative) 764,340 Active Trials 80,223 Permanent Modifications All Permanent Modifications Started 909,953 Permanent Modifications Reported Since October

2011 Report 26,877 Permanent Modifications Canceled (Cumulative)5 159,205 Active Permanent Modifications 750,748

1 Estimated eligible 60+ day delinquent loans as reported by servicers as of October 31, 2011, include conventional 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 on or before January 1, 2009. Estimated eligible 60+ day delinquent loans exclude: ? 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.

2 The estimated eligible 60+ day delinquent borrowers are those in HAMP-eligible loans, minus estimated exclusions of loans on vacant properties, loans with borrower debt-to-income ratio below 31%, loans that fail the NPV test, properties no longer owner-occupied, unemployed borrowers, manufactured housing loans with title/chattel issues that exclude them from HAMP, loans where the investor pooling and servicing agreements preclude modification, and trial and permanent modifications disqualified from HAMP. Exclusions for DTI and NPV results are estimated using market analytics.

3 As reported in the monthly servicer survey of large SPA servicers through November 30, 2011.

4 Servicers may enter new trial modifications into the HAMP system of record at anytime.

5 A permanent modification is canceled when the borrower has missed three consecutive monthly payments. Includes 2,628 loans paid off. HAMP is designed to lower monthly mortgage payments to help struggling homeowners stay in their homes and prevent avoidable foreclosure. Note: Unless specified, exhibits in this report refer to HAMP first lien modification activity.

2 HAMP Trials Started 1,511 1,545 1,580 1,613 1,639 1,665 1,687 1,707 1,727 1,742 1,755

0 50

100 1,350 1,400 1,450 1,500 1,550 1,600 1,650 1,700 1,750 1,800 Jan

2011 Feb Mar Apr May June July Aug Sep Oct Nov New Trials Started (000s) All Trials Started (000s) Cumulative Trial Starts (Left Axis) Monthly Trial Starts (Right Axis) Source: HAMP system of record. Servicers may enter new trial modifications into the HAMP system of record at any time. For example, 19,059 trials have entered the HAMP system of record since the prior report;

12,877 were trials with a first payment recorded in November 2011. Permanent Modifications Started (Cumulative)

608 634

670 699

731 763

791 817

857 883

910 400

500 600

700 800

900 1,000 Jan

2011 Feb Mar Apr May June July Aug Sep Oct Nov All Permanent Modifications Started (000s) Source: HAMP system of record. Making Home Affordable: Summary Results Program Performance Report Through November

2011 ? The primary hardship reasons for homeowners in active permanent modifications are: ? 64.3% experienced loss of income (curtailment of income or unemployment) ? 11.4% reported excessive obligation ? 3.2% reported an illness of the principal borrower Homeowner Benefits and First Lien Modification Characteristics Loan Characteristic Before Modification After ModificationMedian Decrease Front-End Debt-to-Income Ratio1 45.3% 31.0% -14.3 pct pts Back-End Debt-to-Income Ratio2 77.6% 60.5% -14.7 pct pts Median Monthly Housing Payment3 $1,429.75 $829.90 -$529.75

1 Ratio of housing expenses (principal, interest, taxes, insurance and homeowners association and/or condo fees) to monthly gross income.

2 Ratio of total monthly debt payments (including mortgage principal and interest, taxes, insurance, homeowners association and/or condo fees, plus payments on installment debts, junior liens, alimony, car lease payments and investment property payments) to monthly gross income. Borrowers who have a back-end debt-to-income ratio of greater than 55% are required to seek housing counseling under program guidelines.

3 Principal and interest payment. Select Median Characteristics of Active Permanent Modifications ? Of trial modifications started, 79% of homeowners were at least

60 days delinquent at trial start. The rest were up to

59 days delinquent or current and in imminent default.

3 ? Aggregate savings to homeowners who received HAMP first lien permanent modifications are estimated to total approximately $9.9 billion, program to date, compared with unmodified mortgage obligations. ? The median monthly savings for borrowers in active permanent first lien modifications is $529.75, or 37% of the median monthly payment before modification. ? Active permanent modifications feature the following modification steps: ? 98.2% feature interest rate reductions ? 58.8% offer term extension ? 30.3% include principal forbearance Waterfall of Estimated Eligible Homeowners For the First Lien Modification Program Not all 60+ day delinquent loans are eligible for HAMP. Other ........