Adm

EconHAMWatBorrCharModSeleServHAMHAMArea ModList o

Report Highlights InsOver 230,000 Homeowners Granted Permanent Modifications• More than 230,000 total permanent modifications have been granted to homeowners, who are 

guaranteed lower payments for five years. 

• In addition, more than 108,000 permanent modifications have been approved by servicers and 

are pending borrower acceptance.

Over 1.1 Million Trial Modifications for Homeowners• More than 1.1 million trial modifications have begun under the program.• 57,000 new trial modifications were added in March, down from 72,000 in February, reflecting 

servicers increasingly requiring upfront documentation from homeowners to comply with 

pending HAMP policy requirements. 

• Borrowers realize immediate relief with the first trial payment. • More than 1.4 million homeowners have received offers for trial modifications.

• Of the 1 million borrowers in active modifications (trial and permanent), more than 227,000 

borrowers are in permanent modifications. 

• The lower monthly mortgage payments for homeowners in HAMP represent a cumulative 

reduction of over $3 billion.

Servicers Making Progress on Trial Modification Decisions• Over 60,000 trial modifications converted to permanent modifications in March, an increase of 

almost 15% from the nearly 53,000 in February.

HAMP Is One Part of the Administration Initiatives to Promote Housing and Financial Stability (see Page 2)

Making Home Affordable Program

Servicer Performance Report Through March 2010
Making Home Affordable Program

Servicer Performance Report Through March 2010

Overview of Administration Housing Stability Initiativ

Initiatives to Support Access to Affordable Mortgage

Credit and Housing

Initiatives to Prevent 

Stabilize 

Lower Mortgage Rates and Access to Credit:

• Continued financial support to maintain affordable 

mortgage rates through the Government-Sponsored Enterprises (GSEs).

• Interest rates remain near historic lows. Every 1% 

reduction in interest rate saves a new borrower a median of $1,500 annually in mortgage payments.

• Access to sustainable mortgages through the Federal 

Housing Administration (FHA).

• FHA Refinance options to help homeowners owing more 

than their homes are worth.

State and Local Housing Initiatives:

• Access for Housing Finance Agencies to provide 

mortgages to first-time homebuyers, refinance 

opportunities for at-risk borrowers, and affordable rental housing. Over 90 HFAs across 45 states are participating.

Tax Credits for Housing:

• Homebuyer credit to help hundreds of thousands of 

American families buy new homes.

• Low-Income Housing Tax Credit (LIHTC) programs to 

support affordable rental housing, with total funding of $5 billion.

Making Home Affordable 

• Offering up to 3-4 million 

prevent avoidable foreclo

• More than 1.1 million ho

modifications and over 1modifications have been 

• Homeowners in permane

payment reduction of ovetrial and permanent modover $3 billion in monthly 

Refinancing:

• Refinancing flexibilities a

allowed over 4 million borefinance, saving an avethan $7.0 billion over the 

Neighborhood StabilizatioDevelopment Programs:

• Over $5 billion in Recove

communities to help stab

• $2.1 billion HFA Innovati

Housing Markets to suppprevention efforts. 
Mortgage Rates Housing Inventory

Home Prices New and Existing Hom

Note: Shaded areas indicate recessions.

Source: Federal Reserve. Source: National Association of Realtors.

Sources: S&P/Case-Shiller Home Price Index; LP/Haver Analytics; FHFA. Source: National Association of Realtors, C

Making Home Affordable Program

Servicer Performance Report Through March 2010

02468

101214161820

1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008

Conventional 30‐year Fixed Rate

10‐year Treasury Rate

Percent

02468

101214

1999 2002 

Monthshomes a

Months

507090

110130150170190210230

1999 2002 2005 2008

Case/Shiller20‐city composite

FHFApurchase‐only

index

Index: Jan 2000 = 100

Loan PerformanceNational HomePrice Index

0

200400600800

1,0001,2001,4001,600

1999 2002 

Sales of e

(right ax

Thousands
Active Modifications (Trial and Permanent) 1,008,873

Active Trial Modifications 780,951Active Permanent Modifications 227,922Pending Permanent Modifications2 108,212Trial Modifications Canceled 155,173Permanent Modifications Canceled3 2,879

54,562

155,108

274,116

419

0

200,000400,000600,000800,000

1,000,0001,200,0001,400,000

May and 

Prior

June July A

HAMP Trials Started(Cumulative, by Month) 

Home Affordable Modification Program (HAMP) Snapshot Program Inception Through March 20101

Permanent Modification(Cumulative, by Month)

Number of Trial Period Plan Offers Extended to Borrowers (Cumulative) 2 1,436,802

All HAMP Trials Started Since Program Inception 1,166,925Trials Converted to Permanent Modifications 230,801

1 As reported by the HAMP system of record.2 As reported by the top 21 servicers based on cap allocation; pending permanent modifications have been approved by the servicer but have not yet been accepted by the borrower. While pending, modifications are reflected in the count of active trials.3 Includes 37 loans paid off. 

Additional information on HAMP can be found on MakingHomeAffordable.govBorrowers may call the Homeowner’s HOPE Hotline at 1-888-995-HOPE (4673). 

4,742 15,649

3

0

50,000

100,000150,000200,000250,000

September 

and Prior

October No

Source: All trial modifications started by month first system of record.Source: HAMP system of record. 

Making Home Affordable Program

Servicer Performance Report Through March 2010

Home Affordable Modification Program (HAMP) Snapshot As of March 20101

1 As reported by the HAMP system of record except where noted.2 Source: Survey data provided by servicers.
5.1

4.3

3.5 3.4

2.5

2

6.0

01234567

1st Lien, 60+ Days

Delinquent

Less: Non‐

Participating HAMP

Servicer

Less: FHA or VA Less: Non‐Owner

Occupied at

Origination

Less: Jumbo Non‐

Conforming Loans

and Loans

Originated After

1/1/2009

Less: DTI Less Than

31%

Less: Ne

Loans (Millions)

Waterfall of HAMP-Eligible Borrowers

•Other exclusions include: no longer owner-occupied; investor’s pooling and servicing agreement precludes modification; and manufacturtitling/chattel issues that exclude them from HAMP.Sources: Fannie Mae; monthly survey of participating servicers for February 28,2010. Total 60+ delinquent figure from 4th quarter 2009 M

Excluded loans are as reported by servicers by survey who have signed a servicer participation agreement for HAMP.

Making Home Affordable Program

Servicer Performance Report Through March 2010

Not all 60-day delinquent loans are eligible for HAMP. Other characteristics may preclude borrowestimates, of the 6.0 million borrowers who were 60 days delinquent in the 4th quarter of 2009, 1

HAMP. As this represents a point-in-time snapshot of the delinquency population and estimated more borrowers will become eligible for HAMP from now through 2012.

HAMPEligible 60+ Day Delinquent Loans (GSE and SPA Servicers)

= Estimate
• Lower monthly mortgage payments for borrowers in 

active trial and permanent modifications represent a cumulative reduction of more than $3 billion.• The median savings for borrowers in permanent modifications is $512.39, or 36% of the median beforemodification payment. 

Interest Rate Reduction 100%Term Extension 38.9%Principal Forbearance 27.6%

Permanent Modifications by Modification Steps:

Predominant Hardship Rea

2.8%

10.5%

0% 2

Illness of Principal

Borrower

Excessive

Obligation

Loss of Income

Select Median Characteristics of Permanent Modifications

Loan Characteristic

Before 

Modification

After 

Modification

Median 

Decrease

Front-End Debt-to-Income Ratio1 44.8% 31.0% ‐13.9 pct pts

Back-End Debt-to-Income Ratio2 77.5% 61.3% ‐14.4 pct ptsMedian Monthly Payment3 $1,428.46 $841.61 ‐$512.39

1 Includes borrowers who are employed but ha

have lost their jobs.Note: Does not include 19.9% of permanent m

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. 

1

Making Home Affordable Program

Servicer Performance Report Through March 2010

Modification Characteristics

Servicer Solicitation of Borrowesince program inception)1 

Page views on MHA.gov (March 

Page views on MHA.gov (cumu

Percentage to Goal of 3-4 MillioOffers by 20122 

Selected Outreach Measure

1 Source: survey data provided by servic

solicit information from borrowers 60+ daHAMP modification. 

2 In 2009, Treasury set a goal of offering 

end of 2012, as measured by trial plan of
HomE

Wachov

Carringto

American Hom

Litt

CC

Bank Unit

Bank of Americ

US Ba

PNC Mortga

Ocwe

Nations

OneWe

Auro

Green Tr

Saxo

J.P. Morgan Chas

Wells Farg

Select Portfo

Bayvie

CitiMortgag

GMA

Servicer 

Estimated 

Eligible 60+ 

Day 

Delinquency1 

Trial Plan 

Offers 

Extended2

All HAMP 

Trials 

Started3

Active Trial 

Modifications3

Permanent 

Modifications3

Pending 

Permanent 

Modifications4

Active Trials + 

Permanents as 

Share of Eligible 

60+ Day 

Delinquencies

American Home Mortgage Servicing Inc 121,342 18,214 15,001 10,740 4,194 7,397 12%

Aurora Loan Services, LLC 75,550 47,508 41,286 15,335 9,887 1,497 33%

Bank of America, NA5 1,085,894 388,043 289,351 250,658 32,900 38,074 26%

Bank United 5,277 1,667 1,389 635 736 528 26%Bayview Loan Servicing, LLC 9,685 2,711 4,630 3,567 819 91 45%

Carrington Mortgage Services LLC 18,235 3,082 1,708 298 1,398 48 9%

CCO Mortgage 5,880 1,842 1,476 1,230 246 487 25%CitiMortgage, Inc. 246,582 153,113 142,804 92,597 22,455 9,533 47%GMAC Mortgage, Inc. 66,750 51,420 40,494 14,742 17,102 2,776 48%

Green Tree Servicing LLC 12,336 6,795 5,129 3,628 556 1,470 34%

HomEq Servicing 40,568 4,879 2,116 1,311 713 1,117 5%

J.P. Morgan Chase Bank, NA6 431,341 247,530 186,769 129,992 31,460 17,894 37%

Litton Loan Servicing LP 105,593 36,430 30,169 19,734 5,469 878 24%

Nationstar Mortgage LLC 45,616 23,870 20,198 8,241 5,740 877 31%

Ocwen Financial Corporation, Inc. 61,949 21,767 17,720 5,771 11,060 2,764 27%

OneWest Bank 109,555 56,302 38,598 28,214 6,883 5,673 32%

PNC Mortgage7 44,303 21,731 17,562 10,979 743 853 26%

Saxon Mortgage Services, Inc. 68,028 43,164 38,584 15,973 8,721 4,061 36%

Select Portfolio Servicing 55,543 58,953 35,071 11,568 11,483 1,639 42%

US Bank NA 34,160 11,890 9,157 4,817 4,191 1,393 26%

Wachovia Mortgage, FSB8 65,426 6,665 3,902 3,894 6 0 6%

Wells Fargo Bank, NA9 378,480 225,610 165,217 114,918 30,014 9,162 38%Other SPA servicers10 22,895 3,616 2,916 1,283 1,411 NA 12%

Other GSE Servicers11 287,624 NA 55,678 30,826 19,735 NA 18%

Total 3,398,612 1,436,802 1,166,925 780,951 227,922 108,212 30%

HAMP Modification Activity by Servicer 

1 Estimated eligible 60+ day delinquent mortgages as reported by servicers as of 

February 28, 2010, 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 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 January 1, 2010 that did not participate in the 60+ day 

delinquency survey, the delinquency count is from the servicer registration form.

2 As reported in the weekly servicer survey through April 1, 2010.3 Active trial and permanent modifications as reported into the HAMP system of record 

by servicers. 

4 As reported by servicers. Pending permanent modifications have been approved by 

the servicer but have not yet been accepted by the borrower. While pending, modifications are reflected in the count of active trials. This metric will be reported through March 2010.

5 Bank of America, NA includes Bank of America, NA, BAC Home Loans Servicing LP, 

Home Loan Services and Wilshire Credit Corporation.

6 J.P. Morgan Chase Bank, NA includes EMC Mortgage Corporation.7 Formerly National City Bank.8 Wachovia Mortgage, FSB consists of Pick-a-Payment loans.9 Wells Fargo Bank, NA includes a portion of the loans previously included in 

Wachovia Mortgage, FSB. 

10 Other SPA servicers are entities with less than 5,000 estimated eligible 60+ day 

delinquencies that have signed participation agreements with Treasury and Fannie Mae. A full list of participating servicers is in the Appendix.

11 Includes servicers of loans owned or guaranteed by Fannie Mae and Freddie Mac.

Active Eligib

Note: Includes same as the taModifications thModifications thModifications th

Making Home Affordable Program

Servicer Performance Report Through March 2010
HAMP Activity by 

Note: Includes active trial and permanent modifications from the official HAMP system of record.

Source: Mortgage Bankers Association. Data is latest available and is as of 4thQuarter 2009.

HAMP Activity by State

State

Active 

Trials

Permanent 

Modifications Total State

Active 

Trials

Permanent 

Modifications Total

AK 450 102 552 MT 1,090 260 1,350

AL 5,531 1,428 6,959 NC 16,457 4,677 21,134

AR 2,245 603 2,848 ND 205 43 248AZ 37,269 12,722 49,991 NE 1,229 346 1,575CA 159,780 47,933 207,713 NH 3,379 1,147 4,526

CO 10,929 3,422 14,351 NJ 26,154 7,458 33,612

CT 9,982 2,948 12,930 NM 2,907 758 3,665

DC 1,501 372 1,873 NV 20,661 6,400 27,061

DE 2,533 801 3,334 NY 37,449 8,380 45,829

FL 95,400 28,286 123,686 OH 17,042 5,134 22,176

GA 31,433 8,668 40,101 OK 2,522 560 3,082HI 2,876 837 3,713 OR 8,955 2,678 11,633

IA 2,575 619 3,194 PA 18,038 4,792 22,830

ID 3,172 944 4,116 RI 3,558 1,216 4,774

IL 41,441 11,773 53,214 SC 8,390 2,327 10,717

IN 8,430 2,373 10,803 SD 398 85 483

KS 2,434 602 3,036 TN 8,697 2,561 11,258

KY 3,384 919 4,303 TX 27,646 5,433 33,079

LA 4,777 1,108 5,885 UT 6,803 2,149 8,952

MA 17,689 5,635 23,324 VA 19,152 6,190 25,342

MD 25,429 7,868 33,297 VT 552 195 747

ME 2,009 711 2,720 WA 15,387 4,676 20,063MI 25,808 7,906 33,714 WI 7,720 2,347 10,067

MN 13,852 4,948 18,800 WV 1,316 373 1,689MO 9,704 2,623 12,327 WY 403 137 540

MS 3,053 899 3,952 Other* 1,155 550 1,705

* Includes Guam, Puerto Rico and the U.S. Virgin Islands.

Making Home Affordable Program

Servicer Performance Report Through March 2010

Mortgage Delinqu

60+ 
Servicer 

Bank of America, NA1 

Wells Fargo Bank, NA 2 JP Morgan Chase NA3 

CitiMortgage, Inc. 

OneWest Bank GMAC Mortgage, Inc. 

Aurora Loan Services, LLC 

Litton Loan Servicing LP 

Saxon Mortgage Services Inc. 

Select Portfolio Servicing 

Ocwen Financial Corporation, In

American Home Mortgage Servicing Inc 

Nationstar Mortgage LLC PNC Mortgage4 

US Bank NA Bayview Loan Servicing, LLC 

Green Tree Servicing LLC 

Wachovia Mortgage, FSB5 

HomEq Servicing 

Carrington Mortgage Services LL

Remainder of HAMP Servicers 

Total 

HAMP Modifications by 

1 Bank of America, NA includes Bank of America

Wilshire Credit Corporation. 2 Wells Fargo Bank, NA includes a portion of the 

3 J.P. Morgan Chase Bank, NA includes EMC Mo4 Formerly National City Bank.5 Wachovia Mortgage, FSB consists of Wachovia Note: Figures reflect active trials and perm

15 Metropolitan Areas With Highest HAMP Activity

Metropolitan Statistical Area

Active

Trials

Permanent

Modifications

Total 

HAMP 

Activity

% of All 

HAMP 

Activity

New York-Northern New JerseyLong Island, NY-NJ-PA 49,457 12,247 61,704 6.1%Los Angeles-Long Beach-Santa Ana, CA 47,255 12,887 60,142 6.0%Chicago-Naperville-Joliet, IL-IN-WI 39,914 11,333 51,247 5.1%Riverside-San Bernardino-Ontario, CA 35,559 11,992 47,551 4.7%Miami-Fort Lauderdale-Pompano Beach, FL 36,856 10,206 47,062 4.7%Phoenix-Mesa-Scottsdale, AZ 30,523 10,533 41,056 4.1%

Washington-Arlington-Alexandria, DC-VA-MD-WV 26,811 8,282 35,093 3.5%

Atlanta-Sandy Springs-Marietta, GA 25,382 7,041 32,423 3.2%Las Vegas-Paradise, NV 17,236 5,200 22,436 2.2%

Detroit-Warren-Livonia, MI 16,337 4,637 20,974 2.1%

Orlando-Kissimmee, FL 15,287 4,723 20,010 2.0%

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 13,802 3,839 17,641 1.7%

Boston-Cambridge-Quincy, MA-NH 12,490 4,024 16,514 1.6%

Tampa-St. Petersburg-Clearwater, FL 12,031 3,653 15,684 1.6%

Sacramento-Arden-ArcadeRoseville, CA 11,653 3,882 15,535 1.5%

A complete list of HAMP activity for all MSAs is available athttp://makinghomeaffordable.gov/docs/MSA%20Data%20March.pdf

Making Home Affordable Program

Servicer Performance Report Through March 2010
Appendix: Non-GSE Participants in HAMP

Making Home Affordable Program

Servicer Performance Report Through March 2010

Allstate Mortgage Loans & Investments, Inc.

American Eagle Federal Credit Union

American Home Mortgage Servicing, Inc

AMS Servicing, LLCAurora Loan Services, LLC

Bank of America, N.A.1

Bank United

Bay Federal Credit Union

Bay Gulf Credit Union

Bayview Loan Servicing, LLCCarrington Mortgage Services, LLC

CCO MortgageCentral Florida Educators Federal Credit Union

Central Jersey Federal Credit Union

Chase Home Finance, LLCCitiMortgage, Inc.

Citizens 1st National Bank

Citizens First Wholesale Mortgage CompanyCommunity Bank & Trust Company

CUC Mortgage Corporation

Digital Federal Credit Union

DuPage Credit Union

Eaton National Bank & Trust Co

Farmers State Bank

Fidelity Homestead Savings Bank

First BankFirst Federal Savings and Loan

First Federal Savings and Loan Assn. of Lakewood

First Keystone BankFirst National Bank of Grant Park

Franklin Credit Management Corporation

Fresno County Federal Credit Union

Glass City Federal Credit Union

Glenview State BankGMAC Mortgage, Inc.Golden Plains Credit Union

Grafton Suburban Credit Union

Great Lakes Credit UnionGreater Nevada Mortgage Services

Green Tree Servicing LLC

Harleysville National Bank & Trust Company

Hartford Savings Bank

Hillsdale County National Bank

Home Financing Center, Inc

HomEq ServicingHomeStar Bank & Financial Services

Horicon Bank

Horizon Bank, NA

IberiabankIBM Southeast Employees' Federal Credit Union

IC Federal Credit Union

Idaho Housing and Finance Association

iServe Residential Lending LLC

iServe Servicing Inc.

J.P.Morgan Chase Bank, NA2

Lake City BankLake National BankLitton Loan ServicingLos Alamos National Bank

Marix Servicing, LLCMembers Mortgage Company, Inc

Metropolitan National Bank

Mission Federal Credit Union

MorEquity, Inc.

Mortgage Center, LLC

Mortgage Clearing Corporation

National City BankNationstar Mortgage LLCNavy Federal Credit UnionOakland Municipal Credit Union

Ocwen Financial Corporation, Inc.

OneWest BankORNL Federal Credit Union

Park View Federal Savings Bank

Penny

PNC BPurdu

QLendQuantResideRG Mo

Roebli

Round

Saxon 

Schoo

SEFCUSelect Servis 

ShoreSilver 

Sound 

SpeciaSpirit Stanfo

Sterlin

Techn

Tempe 

The Br

The G

U.S. B

United 

United 

Urban 

VantiuVerity 

Vist Fi

Wells 

WescoYadkin 

1 Bank of America, NA includes Bank of America, NA, BAC Home Loans Servicing 

LP, Home Loan Services and Wilshire Credit Corporation.

2 J.P. Morgan Chase Bank, NA includes EMC Mortgage Corporation. 3 Wells Fargo Bank, NA includes Wachovia Mortgage FSB and Wachovia Bank NA.