Making Home Affordable Program

Servicer Performance Report Through December 2009

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 900,000 homeown

modifications and over modifications have bee

• Homeowners in perman

median of over $500 peIn aggregate, homeownthrough modifications.

Making Home Affordable 

• Refinancing flexibility an

have allowed over 3.8 msaving 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 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.
Making Home Affordable Program

Servicer Performance Report Through December 2009

Mortgage Rates Housing InventoryHome Prices New and Existing Hom

507090

110130150170190210230

1999 2002 2005 2008

Case/Shiller 20‐city compositeFHFApurchase‐onlyindex

Index: Jan 2000 = 100

Loan PerformanceNational Home PriceIndex

Case/Shiller 20‐city compositeFHFApurchase‐onlyindex

Index: Jan 2000 = 100

Loan PerformanceNational Home PriceIndex

Case/Shiller 20‐city compositeFHFApurchase‐onlyindex

Index: Jan 2000 = 100

Loan PerformanceNational Home PriceIndex

Case/Shiller 20‐city compositeFHFApurchase‐onlyindex

Index: Jan 2000 = 100

Loan PerformanceNational Home PriceIndex

02468

101214161820

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

Conventional 30‐yearFixed Rate

10‐year Treasury Rate

Percent

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

0

200400600800

1,0001,2001,4001,600

1999 2002 

Sal(lef

Sale(rig

Thousands

02468

101214

1999 2002 

Mon

the 

Month

at the 

Months
54,161

152,965

269

0

100,000200,000300,000400,000500,000600,000700,000800,000900,000

1,000,000

May and 

Prior

June Ju

HAMP Program Highlights

HAMP Trials Started(Cumulative, by Month) 

Home Affordable Modification Program (HAMP) Snapshot through December 2009

HAMP Trial Plans Offere(Cumulative, by Month) 

Making Home Affordable Program 

Servicer Performance Report Through December 2009

Number of Trial Period Plan Offers Extended to Borrowers (Cumulative) 1

1,164,507

All HAMP Trials Started Since Program Inception2 902,620

All Active Modifications (Trial and Permanent) 853,696Active Trial Modifications2 787,231Permanent Modifications3 66,465

Permanent Modifications Pending Borrower Acceptance4 46,056Total Permanent Modifications Approved by Servicers5 112,521

1 Source: Survey data provided by servicers.2 As reported by the HAMP system of record.3 Active permanent modifications as reported by servicers into the HAMP system of record. 4 As reported by servicers in Treasury’s Conversion Campaign. Pending permanent modifications are those pending final signature of the 

borrower plus completed modifications not yet in the HAMP system of record. While pending, modifications are reflected in the count of 

active trials.

5 Permanent modifications in the HAMP system of record and pending modifications as reported by servicers in Treasury’s Conversion

Campaign. Pending permanent modifications are those pending final signature of the borrower plus completed modifications not yet in the 

HAMP system of record. While pending, modifications are reflected in the count of active trials.

 Approximately 89% of eligible mortgage debt outstanding is covered 

by HAMP participating servicers.

 During the 4th quarter, the number of servicers who have signed 

servicer participation agreements to modify loans under HAMP rose from 63 to 102. In addition, approximately 2,300 lenders service loans owned or guaranteed by Fannie Mae or Freddie Mac. These servicers are automatically eligible to participate in HAMP.

 In the 4th quarter, the volume of active trial and permanent 

modifications rose by more than 75% from the 3rd quarter.

 The December Conversion Campaign resulted in an increase in the 

number of permanent modifications of more than 100%. In addition, more than 46,000 offers for permanent modifications have been sent to borrowers and will be reported to the HAMP system of record once they have been signed and returned to the servicer. 

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

105,806

242,366

406

0

200,000400,000600,000800,000

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

May and 

Prior

June Ju

Source: All trial modifications started by month first payment poSource: Survey data provided by servicers. September data incNovember data is through Nov. 26. 
Making Home Affordable Program 

Servicer Performance Report Through December 2009

• Borrowers in active trial and permanent modifications 

have saved more than $1.5 billion through HAMP modifications.• Loss of income is the primary borrower hardship. 

Interest Rate Reduction 100%Term Extension 43.2%Principal Forbearance 26.6%

Permanent Modifications by Waterfall Step:

Predominant Hardship Rea

2.7%

5.6%

11

0% 10% 

Illness of Principal

Borrower

Unemployment

Excessive

Obligation

Curtailment of

Income

Select Median Characteristics of Permanent Modifications

Loan Characteristic

Before 

Modification

After 

Modification Decrease

Front-End Debt-to-Income Ratio1 45.0% 31.0% ‐14.1 pct pts

Back-End Debt-to-Income Ratio2 72.2% 55.1% ‐14.7 pct ptsMedian Monthly Payment3 $1,418.93 $829.96 ‐$516.14

1 Curtailment of income refers to borrowers wh

Note: Does not include 19.3% of permanent m

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

monthly gross income. Decrease cited is median decrease.

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. Decrease cited is median decrease. 3 Decrease cited is median decrease. 

1
Servicer 

Estimated 

Eligible 60+ Day

Delinquency1 

Trial Plan 

Offers 

Extended 

All HAMP 

Trials 

Started

Active Trial 

Modifications 2

Permanent 

Modifications2

Permanent 

Modifications

Pending3

Active Trials + 

Permanents as 

Share of Eligible 

60+ Day 

Delinquencies

American Home Mortgage Servicing Inc 124,262 14,243 10,918 10,658 232 9%

Aurora Loan Services, LLC4 78,225 41,259 36,618 21,912 4,682 2,737 34%

Bank of America, NA5 1,046,008 292,305 206,775 200,287 3,183 9,178 19%

Bank United 5,422 959 685 683 2 13%Bayview Loan Servicing, LLC 10,183 4,170 3,653 3,398 106 34%

Carrington Mortgage Services LLC 18,937 2,598 1,507 899 608 8%

CCO Mortgage 5,304 1,474 1,132 1,127 5 21%

CitiMortgage, Inc. 6 241,981 139,812 119,097 107,999 4,999 6,968 47%

Franklin Credit Management Corporation 9,557 32 0 0 0 0%

GMAC Mortgage, Inc. 69,281 42,411 32,159 20,672 9,872 2,733 44%

Green Tree Servicing LLC 10,927 4,838 3,455 3,268 87 31%HomEq Servicing 41,817 2,630 1,753 1,662 0 4%

J.P. Morgan Chase Bank, NA7 424,965 210,553 156,359 146,828 7,139 5,518 36%

Litton Loan Servicing LP 111,260 25,641 21,113 17,377 959 16%

Nationstar Mortgage LLC 49,026 21,902 14,588 12,176 1,277 27%Ocwen Financial Corporation, Inc. 64,797 17,557 12,884 7,427 5,332 2,256 20%

OneWest Bank 112,846 41,950 24,284 23,012 1,226 21%PNC Mortgage8 41,136 19,413 13,237 12,153 61 30%

Saxon Mortgage Services, Inc. 72,709 39,843 36,406 30,914 2,497 5,853 46%Select Portfolio Servicing 63,690 46,918 29,280 17,399 4,675 35%

US Bank NA 28,524 10,103 7,404 6,984 418 26%Wachovia Mortgage, FSB9 82,990 9,199 2,437 2,046 344 725 3%

Wells Fargo Bank, NA 350,169 172,541 126,413 110,284 8,424 10,088 34%

Other SPA servicers10 20,463 2,156 1,414 928 457 7%

Other GSE Servicers11 272,365 NA 39,049 27,138 9,880 14%

Total 3,356,844 1,164,507 902,620 787,231 66,465 46,056 25%

HAMP Modification Activity by Servicer 

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

November 30, 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.

Servicers enrolling after December 1 did not participate in the 60+ day delinquency 

survey; their delinquency count is from the servicer registration form.

2 Active trial and permanent modifications as reported into the HAMP system of record 

by servicers.

3 As reported by servicers targeted in Treasury’s Conversion Campaign. Includes 

permanent modifications pending final signature of the borrower plus completed modifications not yet reported into the HAMP system of record. While pending, modifications are reflected in the count of active trials.

4 Aurora Loan Services, LLC includes Aurora Financial Group.5 Bank of America, NA includes Bank of America, NA, BAC Home Loans Servicing LP, 

Home Loan Services and Wilshire Credit Corporation.

6 CitiMortgage, Inc. includes CitiMortgage, Inc. Master Servicing Division.7 J.P. Morgan Chase Bank, NA includes EMC Mortgage Corporation.8 Formerly National City Bank.9 Wachovia Mortgage FSB includes Wachovia Bank NA. 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 list of those servicers is available online at http://www.makinghomeaffordable.gov/contact_servicer.html

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

Making Home Affordable Program

Servicer Performance Report Through December 2009

Wachov

HomE

Carringto

American Hom

Bank Unit

Litt

Bank of Americ

Ocwe

CC

OneWe

US Ba

Nations

PNC Mortga

Green Tr

Bayvie

Wells Farg

Auro

Select Portfo

J.P. Morgan Chas

GMA

Saxo

CitiMortgag

Active Eligib

1 Bank 

Note: Inare the OctobeNovemDecem
Making Home Affordable Program 

Servicer Performance Report Through December 2009

HAMP Activity b

Note: Includes active trial and permanent 

HAMP Modifications

5,000 and lower5,001 – 10,00010,001 – 20,00020,001 – 35,00035,001 and higher

Mortgage Delinq

Source: Mortgage Bankers Associatio

HAMP Activity by State

State

Active 

Trials

Permanent 

Modifications Total State

Active 

Trials

Permanent 

Modifications Total

AK 459 34 493 MT 1,052 88 1,140AL 5,521 435 5,956 NE 1,291 116 1,407AR 2,182 228 2,410 NC 16,401 1,535 17,936AZ 38,989 4,137 43,126 ND 190 15 205CA 158,935 13,353 172,288 NH 3,498 351 3,849CO 11,170 1,072 12,242 NJ 26,490 2,027 28,517CT 10,063 802 10,865 NM 2,806 239 3,045DC 1,428 105 1,533 NV 20,597 1,942 22,539DE 2,560 250 2,810 NY 36,308 1,974 38,282FL 96,703 8,405 105,108 OH 17,489 1,477 18,966GA 31,147 2,627 33,774 OK 2,530 178 2,708HI 2,714 240 2,954 OR 8,888 875 9,763IA 2,554 174 2,728 PA 18,459 1,388 19,847ID 3,167 308 3,475 RI 3,694 338 4,032IL 41,793 3,149 44,942 SC 8,636 699 9,335IN 8,821 718 9,539 SD 376 30 406KS 2,428 172 2,600 TN 8,997 752 9,749KY 3,479 258 3,737 TX 27,092 1,485 28,577LA 4,990 289 5,279 UT 6,599 637 7,236MA 17,817 1,619 19,436 VA 19,791 1,898 21,689MD 25,847 2,270 28,117 VT 571 53 624ME 2,120 190 2,310 WA 15,455 1,515 16,970MI 26,777 2,326 29,103 WI 7,873 767 8,640MN 14,813 1,527 16,340 WV 1,372 120 1,492MO 9,980 668 10,648 WY 423 43 466MS 3,210 307 3,517 Other* 611 222 833

* Includes Guam, Puerto Rico and the U.S. Virgin Islands.Note: Figures include active trial and permanent modifications. They do not include 113 loans that did not have identifiable state data. 
Making Home Affordable Program 

Servicer Performance Report Through December 2009

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 LP3 

Nationstar Mortgage LLC Ocwen Financial Corporation, InPNC Mortgage4 

American Home Mortgage Servicing Inc 

US Bank NA 

Bayview Loan Servicing, LLC Green Tree Servicing LLC 

Wachovia Mortgage, FSB5 

HomEq Carrington Mortgage Services LLC 

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 Loans previously reported as portfolio have bee4 Formerly National City Bank.5 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 48,692 3,056 51,748 6.1%

Los Angeles-Long Beach-Santa Ana, CA 45,945 3,469 49,414 5.8%

Chicago-Naperville-Joliet, IL-IN-WI 40,291 3,036 43,327 5.1%

Miami-Fort LauderdalePompano Beach, FL 37,261 2,987 40,248 4.7%Riverside-San BernardinoOntario, CA 36,671 3,383 40,054 4.7%Phoenix-Mesa-Scottsdale, AZ 32,075 3,453 35,528 4.2%

Washington-ArlingtonAlexandria, DC-VA-MD-WV

27,201 2,446 29,647 3.5%

Atlanta-Sandy Springs-Marietta, GA 25,107 2,165 27,272 3.2%Las Vegas-Paradise, NV 17,187 1,531 18,718 2.2%Detroit-Warren-Livonia, MI 16,687 1,336 18,023 2.1%

Orlando-Kissimmee, FL 15,516 1,400 16,916 2.0%

Philadelphia-CamdenWilmington, PA-NJ-DE-MD 13,994 1,125 15,119 1.8%

Boston-Cambridge-Quincy, MA-NH 12,596 1,184 13,780 1.6%

Minneapolis-St. PaulBloomington, MN-WI 12,136 1,237 13,373 1.6%

Tampa-St. PetersburgClearwater, FL 12,044 1,159 13,203 1.5%

Note: Figures include active trial and permanent modifications.A complete list of HAMP activity for all MSAs is available athttp://www.financialstability.gov/docs/press/MSA%20Data%20December.pdf