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Making Home Affordable Program

Servicer Performance Report Through January 2010

Report Highlights InsNumber of Permanent Modifications Nearly Doubles Over 

Previous Month

• In addition to the 116,000 permanent modifications, an additional 76,000 permanent 

modifications have been approved by servicers and are pending borrower acceptance. 

• The median savings to borrowers in permanent modifications is more than $500 each 

month.

Over One Million Borrowers Have Had the Opportunity to Modify 

Mortgages

• Nearly 1.3 million homeowners have received offers for trial modifications. • More than 940,000 borrowers are in active modifications; 116,000 of those are 

permanent modifications. 

• These homeowners’ lower monthly mortgage payments represent a cumulative 

savings of $2.2 billion. 

• New streamlined documentation requirements will make it easier for borrowers 

to apply for a HAMP modification and receive permanent relief.

Permanent Modifications Are Helping Borrowers Who Have 

Experienced a Loss of Income

• The majority of permanent modifications – 57.4% – are helping people who are 

coping with unemployment or who have seen a reduction in hours or wages.

National Participation by Mortgage Lenders and Coverage of 

Outstanding Mortgage Debt Is Extensive

• 110 servicers have signed servicer participation agreements to modify loans under 

HAMP, and new servicers continue to join the program each week. In addition, approximately 2,300 lenders service loans owned or guaranteed by Fannie Mae or Freddie Mac; these GSE loans are automatically eligible for HAMP.

• Approximately 89% of eligible mortgage debt outstanding is covered by HAMP 

participating servicers. 
Making Home Affordable Program

Servicer Performance Report Through January 2010

Overview of Administration Housing Stability Initiativ

Initiatives to Support Access to Affordable Mortgage

Credit and Housing

Initiatives to Prevent 

Stabilize 

Making Home Affordable 

• Goal of offering 3-4 mill

payments through a mo

• Over 1 million homeown

modifications and nearlmodifications have bee

• Homeowners in perman

median of over $500 peIn aggregate, homeownthrough trial and perma

Making Home Affordable 

• Refinancing flexibility an

have allowed over 4 misaving an estimated $1more than $6.8 billion in 

Neighborhood Stabilizatio

Development Programs:

• Support for the hardest 

neighborhoods.

Lower Mortgage Rates and Access to Credit:

• Continued financial support to maintain affordable 

mortgage rates through the Government Sponsored Enterprises (GSEs)

• Interest rates down a full percentage point over the past 

year. Every 1% reduction in interest rate saves a new borrower a median of $1500 annually in mortgage payments.

• Access to sustainable mortgages through the Federal 

Housing Administration (FHA).

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.

Tax Credits for Housing:

• Homebuyer credit to help homebuyers buy new homes.• Low-Income Housing Tax Credit (LIHTC) programs to 

support affordable rental housing.
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 January 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
53,791

153,710

271,76

0

200,000400,000600,000800,000

1,000,0001,200,000

May and 

Prior

June July 

HAMP Trials Started(Cumulative, by Month) 

Home Affordable Modification Program (HAMP) Snapshot through January 20101

Active Permanent Modi

Number of Trial Period Plan Offers Extended to Borrowers (Cumulative) 2 1,269,937All HAMP Trials Started Since Program Inception 1,008,216All Active Modifications (Trial and Permanent) 946,735Active Trial Modifications 830,438Trial Modifications Canceled 60,476All Permanent Modifications Started 117,302Permanent Modifications Canceled 1,005Active Permanent Modifications 116,297

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

Additional information on HAMP can be found on MakingHomeAffordable.govor by calling the Homeowner’s HOPE Hotline at 1-888-995-HOPE (4673). 1,711 5,181

0

20,00040,00060,00080,000

100,000120,000140,000

September and 

Prior

Octobe

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

Making Home Affordable Program

Servicer Performance Report Through January 2010
5.0

4.3

3.5 3.4

2.5

2

5.6

0123456

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 December 31, 2009. Total 60+ figure from 3rd quarter MBA delinquenc

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 January 2010

Not all 60-day delinquent loans are eligible for HAMP. Other characteristics may preclude borrowestimates, of the 5.6 million borrowers who are currently 60 days delinquent , 1.7 million borrowerepresents a point-in-time snapshot of the delinquency population and estimated HAMP eligibilitywill become eligible for HAMP from now through 2012.

HAMPEligible 60+ Day Loans (SPA Servicers)

= Estimate
• Borrowers in active trial and permanent modifications 

have saved more than $2.2 billion through HAMP modifications.• Loss of income is the primary borrower hardship for borrowers in permanent modifications. 

Interest Rate Reduction 100%Term Extension 41.7%Principal Forbearance 27.4%

Permanent Modifications by Modification Steps:

Predominant Hardship Rea

2.7%

10.7%

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 45.1% 31.0% ‐14.2 pct pts

Back-End Debt-to-Income Ratio2 76.1% 59.7% ‐14.7 pct ptsMedian Monthly Payment $1,431.30 $835.33 ‐$521.85

1 Includes borrowers who are employed but ha

have lost their jobs.Note: Does not include 21.0% 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.

1

Making Home Affordable Program

Servicer Performance Report Through January 2010

Modification Characteristics
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 127,521 15,137 12,142 11,764 333 2,171 9%

Aurora Loan Services, LLC 77,985 43,666 38,187 21,299 6,554 2,236 36%

Bank of America, NA5 1,066,025 329,745 237,766 221,395 12,761 13,701 22%

Bank United 5,287 1,211 944 816 128 629 18%

Bayview Loan Servicing, LLC 10,413 4,603 3,960 3,564 249 48 37%

Carrington Mortgage Services LLC 18,823 2,781 1,511 693 811 33 8%

CCO Mortgage 5,387 1,169 1,132 1,103 29 311 21%

CitiMortgage, Inc. 246,038 148,200 130,817 111,247 10,929 7,299 50%Franklin Credit Management Corp. 9,527 76 8 8 0 NA 0%GMAC Mortgage, Inc. 65,751 45,880 34,486 21,330 11,494 1,352 50%

Green Tree Servicing LLC 11,250 5,604 4,055 3,728 227 389 35%

HomEq Servicing 41,513 3,250 2,020 1,333 596 16 5%

J.P. Morgan Chase Bank, NA6 432,416 222,192 170,028 150,902 11,581 17,959 38%

Litton Loan Servicing LP 110,795 30,114 22,782 18,454 2,568 942 19%

Nationstar Mortgage LLC 49,556 24,399 17,427 12,953 2,271 696 31%

Ocwen Financial Corporation, Inc. 65,608 18,938 14,217 7,032 6,930 4,836 21%OneWest Bank 112,200 48,548 30,509 24,741 3,087 5,848 25%

PNC Mortgage7 41,365 20,472 15,523 13,141 77 832 32%

Saxon Mortgage Services, Inc. 71,429 40,375 36,964 28,685 5,312 4,989 48%

Select Portfolio Servicing 62,041 50,149 31,630 17,915 6,761 1,402 40%

US Bank NA 29,393 10,626 7,799 6,673 1,126 2,366 27%Wachovia Mortgage, FSB8 86,461 11,418 2,834 2,443 330 873 3%

Wells Fargo Bank, NA 357,483 188,749 144,904 119,476 17,652 7,554 38%Other SPA servicers9 22,981 2,635 1,921 1,131 750 NA 8%

Other GSE Servicers10 277,253 NA 44,650 28,612 13,741 NA 15%

Total 3,404,501 1,269,937 1,008,216 830,438 116,297 76,482 28%

HAMP Modification Activity by Servicer 

1 Estimated eligible 60+ day delinquent mortgages as reported by servicers as of December 31, 2009 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 December 1 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 January 28, 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.

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 includes Wachovia Bank NA. 9 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.

10 Includes servicers of loans owned or guaranteed by Fannie Mae and 

Freddie Mac.

Wachov

HomE

Carringto

American Hom

Bank Unit

Litt

Ocwe

CC

Bank of Americ

OneWe

US Ba

Nations

PNC Mortga

Green Tr

Auro

Bayvie

Wells Farg

J.P. Morgan Chas

Select Portfo

Saxo

GMA

CitiMortgag

Active Eligib

Note: Inare the NovemDecemJanuary 

Making Home Affordable Program

Servicer Performance Report Through January 2010
HAMP Activity b

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

Mortgage Delinq

Source: Mortgage Bankers Associatiolatest available and is as of 3rd Quarte

HAMP Activity by State

State

Active 

Trials

Permanent 

Modifications Total State

Active 

Trials

Permanent 

Modifications Total

AK 483 56 539 MT 1,140 138 1,278

AL 5,907 723 6,630 NC 17,531 2,510 20,041

AR 2,355 337 2,692 ND 215 22 237AZ 40,438 7,000 47,438 NE 1,367 186 1,553

CA 167,399 24,242 191,641 NH 3,620 612 4,232CO 11,708 1,797 13,505 NJ 27,905 3,710 31,615

CT 10,655 1,465 12,120 NM 3,012 390 3,402

DC 1,538 191 1,729 NV 21,568 3,484 25,052

DE 2,667 428 3,095 NY 38,706 3,777 42,483

FL 101,971 14,598 116,569 OH 18,451 2,529 20,980

GA 33,059 4,508 37,567 OK 2,713 298 3,011

HI 2,891 436 3,327 OR 9,416 1,469 10,885

IA 2,743 322 3,065 PA 19,494 2,416 21,910

ID 3,335 508 3,843 RI 3,845 599 4,444

IL 44,281 5,592 49,873 SC 9,178 1,209 10,387

IN 9,255 1,216 10,471 SD 405 43 448

KS 2,599 325 2,924 TN 9,452 1,338 10,790

KY 3,647 453 4,100 TX 29,351 2,481 31,832

LA 5,309 516 5,825 UT 7,029 1,105 8,134

MA 18,647 2,788 21,435 VA 20,542 3,377 23,919

MD 27,183 4,003 31,186 VT 598 93 691

ME 2,201 337 2,538 WA 16,255 2,580 18,835

MI 28,062 3,938 32,000 WI 8,344 1,243 9,587

MN 15,359 2,584 17,943 WV 1,466 199 1,665

MO 10,573 1,234 11,807 WY 440 73 513

MS 3,413 474 3,887 Other* 717 345 1,062

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

Making Home Affordable Program

Servicer Performance Report Through January 2010
Servicer 

Bank of America, NA1 

JP Morgan Chase NA2 

Wells Fargo Bank, NA CitiMortgage, Inc. 

Saxon Mortgage Services Inc. 

GMAC Mortgage, Inc. Aurora Loan Services, LLC 

OneWest Bank Select Portfolio Servicing 

Litton Loan Servicing LP 

Nationstar Mortgage LLC Ocwen Financial Corporation, InPNC Mortgage3 

American Home Mortgage

Servicing Inc 

US Bank NA 

Green Tree Servicing LLC 

Bayview Loan Servicing, LLC 

Wachovia Mortgage, FSB4 

HomEq 

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 J.P. Morgan Chase Bank, NA includes EMC Mo3 Formerly National City Bank.4 Wachovia Mortgage FSB includes Wachovia BaNote: 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 Jersey‐

Long Island, NY‐NJ‐PA 51,613 5,743 57,356 6.1%

Los Angeles‐Long Beach‐Santa Ana,CA 48,778 6,383 55,161 5.8%

Chicago‐Naperville‐Joliet,IL‐IN‐WI 42,683 5,381 48,064 5.1%

Miami‐Fort Lauderdale‐PompanoBeach, FL 39,356 5,143 44,499 4.7%

Riverside‐San Bernardino‐Ontario,CA 38,040 6,139 44,179 4.7%Phoenix‐Mesa‐Scottsdale, AZ 33,157 5,834 38,991 4.1%Washington‐Arlington‐Alexandria,DC‐VA‐MD‐WV 28,520 4,330 32,850 3.5%

Atlanta‐Sandy Springs‐Marietta, GA 26,593 3,692 30,285 3.2%Las Vegas‐Paradise, NV 18,000 2,757 20,757 2.2%Detroit‐Warren‐Livonia, MI 17,580 2,274 19,854 2.1%

Orlando‐Kissimmee, FL 16,265 2,468 18,733 2.0%

Philadelphia‐Camden‐Wilmington,

PA‐NJ‐DE‐MD 14,807 1,961 16,768 1.8%

Boston‐Cambridge‐Quincy,

MA‐NH 13,147 2,014 15,161 1.6%Tampa‐St. Petersburg‐Clearwater,

FL 12,752 1,943 14,695 1.6%

Minneapolis‐St. Paul‐Bloomington,

MN‐WI 12,517 2,123 14,640 1.5%

A complete list of HAMP activity for all MSAs is available athttp://www.financialstability.gov/docs/MSA%20Data%20Jan%202010.pdf

Making Home Affordable Program

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

Making Home Affordable Program

Servicer Performance Report Through January 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 UnionGreat 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

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 LLCOakland Municipal Credit Union

Ocwen Financial Corporation, Inc.

OneWest BankORNL Federal Credit Union

Park View Federal Savings Bank

Penny

PNC BPurdu

QLendQuantReside

RG Mo

Roebli

Round

Saxon 

Schoo

SEFCUSelect Servis 

ShoreSilver 

Sound 

SpeciaSpirit Stanfo

Sterlin

Techn

Tempe 

The Br

The G

U.S. B

United United 

VantiuVerity 

Wacho

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 Wachovia Mortgage FSB includes Wachovia Bank NA.