U.S. Department of Housing and Urban Development | Office of Policy Development and Research

 e Obama Administration’s Eff orts 

To Stabilize  e Housing Market 

and Help American Homeowners

June 2012

U.S Department of Housing and Urban Development | U.S. Department of the Treasury

 June 2012 National Scorecard | Page 1

The Administration’s goal is to stabilize the housing market and 

provide security for homeowners. To meet these objectives in the 

context of a very challenging market, the Administration developed 

a broad approach implementing state and local housing agency 

initiatives, tax credits for homebuyers, neighborhood stabilization 

and community development programs, mortgage modifi cations 

and refi nancing, housing counseling, continued Federal Housing 

Administration (FHA) engagement, support for Fannie Mae and 

Freddie Mac and increased consumer protections. In addition, Federal 

Reserve and Treasury Mortgage-Backed Securities purchase programs 

have helped to keep mortgage interest rates at record lows over the 

past year. More detail on the Administration’s efforts can be found in 

the Appendix.

June 2012 Scorecard on Administration’s 

Comprehensive Housing Initiative 

The President’s housing market recovery efforts began immediately 

after taking offi ce in February 2009. The June 2012 housing 

scorecard includes the following key indicators of market health and 

results of the Administration’s comprehensive response, as outlined 

above:

• Market data show important progress in homeowner 

equity and home sales, but continued fragility overall. 

Home equity rose $457.1 billion in the fi rst quarter of 2012, a 

7.4 percent increase from the previous quarter and its highest 

level since the second quarter of 2010. Sales of previously 

owned homes posted sharp gains in May of 9.6 percent 

compared with a year ago and new home sales in May recorded 

their highest level in more than 2 years. However, foreclosure 

starts and completions turned up in May, underscoring continued 

fragility in the housing market. Finally, inventories of homes for 

sale are at their lowest levels in years; at the current sales pace, 

it would take 4.7 months to sell the current months’ supply of new 

homes for sale – the lowest rate since October 2005. Experts 

consider a six months’ supply of homes for sale to be a balanced 

market.

• The Administration’s recovery efforts continue to help 

millions of families deal with the worst economic crisis 

since the Great Depression. More than 5.3 million modifi cation 

arrangements were started between April 2009 and the end of 

May 2012 – including nearly 1.2 million homeowner assistance 

actions through the Making Home Affordable Program and 

more than 1.3 million FHA loss mitigation and early delinquency 

interventions. The Administration’s programs continue to 

encourage improved standards and processes in the industry, 

with HOPE Now lenders offering families and individuals more 

than 2.9 million proprietary mortgage modifi cations through 

April. 

• Homeowners entering HAMP demonstrate a high 

likelihood of long-term success in the program. As of May, 

more than one million homeowners have received a permanent HAMP 

modifi cation, saving approximately $536 on their mortgage payments 

each month, and an estimated $13.3 billion to date. Eighty-six percent 

of homeowners entering the program in the last 23 months have 

received a permanent modifi cation, with an average trial period of 

3.5 months. More than 83,000 homeowners have had their principal 

reduced as part of their HAMP permanent modifi cation, and nearly 

84,000 second lien modifi cations have been completed through the 

Second Lien Modifi cation Program (2MP). The May Monthly Report can 

be found at: http://www.treasury.gov/initiatives/fi nancial-stability/

results/MHA-Reports/Pages/default.aspx

Given the current fragility and recognizing that recovery will take 

place over time, the Administration remains committed to its efforts to 

prevent avoidable foreclosures and stabilize the housing market.
*



House Prices Are Stabilizing 

Distressed Sales Remain Key In is Fragile Recovery




		
	


	
	
	
 ­
	
		

­
	


	

­












Existing And New Home Sales 



	













 ­



















	

Existing Homes On e Market 

Number Of Units Held Offe Mar



 ­












 	      

Expectations On House Prices Remain Ab
















* June 2012 National Scorecard | Page 2

U.S Department of Housing and Urban DevelopmentU.S. Department of the Treasury

 e Obama Administration’s Eff orts To Stabilize  e Housing Market and Help American Homeown
0	
  1	
  2	
  3	
  4	
  5	
  6	
  

14.9 Million Homeowners Have 

Since April 1, 2009

Quarterly	
  Refinance	
  Mortgage	
  Origina

Sources:	
  	
  Mortgage	
  Bankers	
  Associa:on	
  and	
  HUD.	
  See	
  Note	
  4,	
  Sources	
  and	
  Methodology.	
  

40	
  80	
  

120	
  160	
  

Mortgage Aid Helps Foreclosures T

But Completions Turn U

Monthly	
  Foreclosure	
  Ac:ons	
  (T

Source:	
  Realty	
  Trac.	
  See	
  Note	
  6,	
  Sources	
  and	
  Methodology.	
  

Cumula:ve	
  foreclosure	
  comple:ons	
  since	
  Apr

(Includes	
  investor,	
  second	
  home,	
  and	
  jumb

Foreclosure	
  

Comple:ons	
  

80	
  100	
  120	
  140	
  160	
  180	
  200	
  220	
  240	
  

3	
  4	
  5	
  6	
  7	
  8	
  9	
  

Mortgage Rates At Record Lows, 

Homes Remain Highly Affordable 

Percentage	
  Rates	
  And	
  Index	
  Values	
  

30-­‐Yr	
  Fixed	
  Mortgage	
  Rate	
   NAR	
  Home	
  Affordability	
  Index	
  (right	
  axis)	
  

Sources:	
  	
  Freddie	
  Mac	
  and	
  Na:onal	
  Asssocia:on	
  of	
  	
  Realtors	
  

0	
  1	
  2	
  3	
  4	
  5	
  6	
  

Mortgage Aid Extended More an 5 Million Times, Outpacing Foreclosures 

Cumula:ve	
  Mortgages	
  Receiving	
  Aid	
  And	
  Mortgages	
  Foreclosed	
  Since	
  April	
  1,	
  2009	
  (Millions)	
  

FHA	
  Loss	
  Mi:ga:on	
   HAMP	
  Modifica:ons	
  Hope	
  Now	
  Modifica:ons	
   Foreclosure	
  Comple:ons	
  

Sources:	
  	
  HUD,	
  Dept.	
  of	
  Treasury,	
  Hope	
  Now	
  Alliance,	
  and	
  Realty	
  Trac.	
  This	
  Chart	
  has	
  been	
  revised	
  (star:ng	
  this	
  month)	
  to	
  exclude	
  trial	
  modificai:ons	
  not	
  made	
  permanent.	
  See	
  Note	
  5,	
  Sources	
  and	
  Methodology.	
  	
  	
  

Mortgages	
  modified	
  or	
  receiving	
  loss	
  mi:ga:on	
  since	
  April	
  1,	
  2009:	
  

	
  	
  5.3	
  Million	
  

U.S Department of Housing and Urban DevelopmentU.S. Department of the Treasury

 e Obama Administration’s Eff orts To Stabilize  e Housing Market and Help American Homeown

June 2012 National Scorecard | Page 3
0	
  5	
  

10	
  15	
  20	
  25	
  30	
  35	
  

2009	
  Q4	
   2010	
  Q1	
   2010	
  Q2	
   2010	
  Q3	
   2010	
  Q4	
   2011	
  Q1	
   2

Homeowners Save From Reduced Mo

Annualized	
  Savings	
  From	
  Payment	
  Reduc

All	
  Refinances	
   HAMP	
  M

Aggregate	
  annual	
  reduc@on	
  in	
  mortgage	
  payments	
  on	
  refinances	
  since	
  Aprpermanent	
  HAMP	
  modifica@ons.	
  Sources:	
  	
  MBA,	
  Treasury,	
  Freddie	
  Mac,	
  and	
  HUD.	
  See	
  Note	
  7,	
  Sources	
  and	
  Methodology.	
  

0	
  1	
  2	
  3	
  4	
  5	
  6	
  7	
  8	
  

Housing Counselors Serve Millions 

Cumula@ve	
  Households	
  Counseled	
  Since	
  Apri

Source:	
  	
  HUD.	
  

Households	
  counseled	
  	
  si

0	
  2	
  4	
  6	
  8	
  

10	
  12	
  14	
  

Home Equity Shows Sharp Gain in First Quarter 2012

Owners’	
  Equity	
  In	
  Household	
  Real	
  Estate	
  At	
  End	
  Of	
  Period	
  ($	
  Trillions)	
  

Source:	
  	
  Federal	
  Reserve	
  Board.	
  

0	
  5	
  

10	
  15	
  20	
  25	
  30	
  35	
  40	
  45	
  

FHA Supports Mortgage Lending During Crisis

FHA	
  As	
  Share	
  Of	
  Quarterly	
  Mortgage	
  Origina@ons	
  By	
  Type	
  (Percent)	
  

Purchase	
   Refinance	
   Combined	
  

Sources:	
  	
  MBA	
  and	
  HUD.	
  See	
  Note	
  8,	
  Sources	
  and	
  Methodology.	
  

U.S Department of Housing and Urban DevelopmentU.S. Department of the Treasury

 e Obama Administration’s Eff orts To Stabilize  e Housing Market and Help American Homeown

June 2012 National Scorecard | Page 4
 e Obama Administration’s Eff orts To Stabilize  e Housing Market and Help American Homeowners U.S. Department of Housing and Urban Development | Office of Policy Development and Research | June 2012

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

June 2012 National Scorecard | Page 5

HOUSING MARKET FACT SHEET

Indicator  is Period Last Period Year Ago As of Dec 2008 Latest Release

Mortgage Rates (30-Yr FRM, percent) 3.66 3.66 4.51 5.10 28-Jun-12

Housing Affordability (index) 186.1 202.4 (r) 184.4 162.9 April-12

Home Prices (indices)

 Case Shiller (NSA)

 FHFA (SA)

 CoreLogic - Excluding Distressed Sales (NSA)

135.8

186.8

149.2

134.1

185.2

145.5

(r)

(r)

138.4

181.3

146.4

150.5

196.9

161.5

(r)

(r)

April-12

April-12

April-12

Home Sales (thousands, SA)

 New

 Existing

 First Time Buyers

 Distressed Sales (percent, NSA)

30.8

379.2

151.7

25

(p)

(p)

28.6

385.0

153.0

28 (r)

25.7

345.8

137.5

31

31.4

334.2

149.9

32

May-12

May-12

May-12

April-12

Housing Supply

 Existing Homes for Sale (thousands, NSA)

 Existing Homes - Months’ Supply (months)

 New Homes for Sale (thousands, SA)

 New Homes for Sale - Months’ Supply (months, SA)

 Vacant Units Held Off Market (thousands)

2,490

6.6

145

4.7

4,053

2,500

6.5

144

5.0

3,606

(r)

(r)

(r)

(r)

3,130

9.1

169

6.6

3,889

3,130

9.4

353

11.2

3,542

May-12

May-12

May-12

May-12

1st Q 12

Mortgage Originations (thousands)

 Refi nance Originations

 Purchase Originations

1,219.4

462.5

1,253.6

410.3

918.1

517.8

767.2

986.4

1st Q 12

1st Q 12

FHA Originations (thousands)

 Refi nance Originations

 Purchase Originations

 Purchases by First Time Buyers

 41.1 

 76.6 

 58.3

(p)

(p)

(p)

 45.1

 65.7

 45.5

(r)

(r)

(r)

 21.9

 73.0

 56.1

62.9

72.7

56.2

May-12

May-12

May-12

Mortgage Delinquency Rates (percent)

 Prime

 Subprime

 FHA

3.9

28.8

11.8

3.9

28.9

11.6

4.3

32.4

11.3

4.4

34.3

14.3

May-12

May-12

May-12

Seriously Delinquent Mortgages (thousands) 

 Prime

 Subprime

 FHA

 1,381

 1,599

 713

 1,395 

 1,609

 707

 1,507

 1,698

 579

 915 

 1,632 

 333 

May-12

May-12

May-12

Underwater Borrowers (thousands) 11,119 10,723 11,089 -- 4th Q 10

Foreclosure Actions (thousands)

 Notice of Default (Foreclosure Starts)

 Notice of Foreclosure Sale 

 Foreclosure Completions

 Short Sales 

 REO Sales

 66.3

 84.9

 54.8

23.9

 38.9

(p)

(p)

 59.9

 77.5

 51.4

 28.2

 54.3

(r)

(r)

58.8

89.3

66.9

25.1

69.6

 121.5 

 103.0 

 78.9 

 13.9 

 74.5 (r)

May-12

May-12

May-12

April-12

April-12

HOUSING ASSISTANCE AND STABILIZATION PERFORMANCE METRICS

Indicator  is Period Last Period Cumulative From April 1, 2009 Latest Release

Distressed Homeowners Assisted (thousands)

 HAMP Trial Modifi cations

 HAMP Permanent Modifi cations

 FHA Loss Mitigation Interventions 

 HOPE Now Modifi cations

 HARP Refi nances

18.3

17.6

32.7

43.0

79.5

19.4

15.2

30.5

46.6

44.5

 1,867

1,026

1,368

2,930

1,202

May-12

May-12

May-12

April-12

March-12

Counseled Borrowers (thousands) 420.4 411.2 7,550 1st Q 12

Borrower Annual Savings ($ millions) 

 HAMP Active Trial Modifi cations

 HAMP Active Permanent Modifi cations

 All Refi nances

--

--

--

--

--

--

337

5,102

27,705

1st Q 12

1st Q 12

1st Q 12

Activities Completed Under NSP (housing units) 

 New Construction or Residential Rehab 

 Demolition or Clearance

 Direct Homeownership Assistance

--

--

--

-- 

-- 

-- 

11,719 [54,588]

22,975 [26,097]

9,050 [18,460]

(b)

(b)

(b)

1st Q 12

1st Q 12

1st Q 12

Change in Aggregate Home Equity ($ billions) 457.1 –132.7 (r) 451.9 1st Q 12

SA = seasonally adjusted, NSA = not SA, p = preliminary, r = revised, b = brackets include units in process.
 e Obama Administration’s Eff orts To Stabilize  e Housing Market and Help American Homeowners U.S. Department of Housing and Urban Development | Office of Policy Development and Research | June 2012

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

June 2012 National Scorecard | Page 6

SOURCES AND METHODOLOGY

A. Items in Tables

Description Frequency Sources Notes on Methodology

Distressed Homeowners Assisted 

HAMP Trial Modifi cations

HAMP Permanent Modifi cations

HARP Refi nances

FHA Loss Mitigation Interventions 

HOPE Now Modifi cations

Monthly

Monthly

Monthly

Monthly

Monthly

Treasury

Treasury

Federal Housing Finance Agency

HUD

Hope Now Alliance

As reported.

As reported.

As reported.

All FHA loss mitigation and early delinquency interventions.

All proprietary modifi cations completed.

Counseled Borrowers (thousands) Quarterly HUD Housing counseling activity reported by all HUD-approved housing counselors.

Borrower Annual Savings 

 HAMP Active Trial Modifi cations

 

 HAMP Active Permanent Modifi cations

 

 All Refi nances

Quarterly

Quarterly

Quarterly

HUD, Treasury, and Freddie Mac

HUD and Treasury

HUD, and MBA

HUD estimate of annualized savings based on Treasury reported active HAMP trial modifi cations 

and Freddie Mac monthly savings estimates. 

HUD estimate of annualized savings based on Treasury reported active HAMP permanent 

modifi cations and median monthly savings estimates. 

Refi nance originations (see below) multiplied by HUD estimate of annualized savings per refi nance.

Completed Activities Under NSP (housing units)

 New Construction or Residential Rehab

 

 Demolition or Clearance

 

 Direct Homeownership Assistance

Quarterly

Quarterly

Quarterly

HUD

HUD

HUD

Housing units constructed/rehabilitated using Neighborhood Stabilization Program. 

Bracketed numbers include units in process, to be completed by 3/2013.

Housing units demolished/cleared using Neighborhood Stabilization Program. Bracketed 

numbers as above.

Completed downpayment assistance or non-amortizing second mortgages by grantee to 

make purchase of NSP unit affordable. Bracketed numbers as above.

Change in Aggregate Home Equity Quarterly Federal Reserve Board Difference in aggregate household owners’ equity in real estate as reported in the Federal 

Reserve Board’s Flow of Funds Accounts of the United States for stated time period.

Mortgage Rates (30-Yr FRM) Weekly Freddie Mac Primary Mortgage Market Survey, as reported for 30-Year fi xed rate mortgages (FRM).

Housing Affordability Monthly National Association of Realtors ® NAR’s composite housing affordability index as reported. A value of 100 means that a 

family with the median income has exactly enough income to qualify for a mortgage on a 

median-priced home. An index above 100 signifi es that family earning the median income 

has more than enough income to qualify.

Home Prices 

 Case-Shiller (NSA)

 FHFA (SA)

 CoreLogic - Excluding Distressed Sales (NSA)

Monthly

Monthly

Monthly

Standard and Poor’s

Federal Housing Finance Agency

CoreLogic

Case-Shiller 20-metro composite index, January 2000 = 100. Standard and Poor’s recommends 

use of not seasonally adjusted index when making monthly comparisons.

FHFA monthly (purchase-only) index for US, January 1991 = 100. 

CoreLogic national combined index, distressed sales excluded, January 2000 = 100. 

(Only available as NSA).

Home Sales (SA)

 New 

 

 

 Existing 

 

 

 First Time Buyers

 Distressed Sales (NSA) 

Monthly

Monthly

Monthly

Monthly

HUD and Census Bureau

National Association of Realtors ®

NAR, Census Bureau, and HUD

CoreLogic

Seasonally adjusted annual rates divided by 12. A newly constructed house is considered 

sold when either a sales contract has been signed or a deposit accepted, even if this occurs 

before construction has actually started. 

Seasonally adjusted annual rates divided by 12. Existing-home sales, which include singlefamily, townhomes, condominiums and co-ops, are based on transaction closings. This differs 

from the U.S. Census Bureau’s series on new single-family home sales, which are based on 

contracts or the acceptance of a deposit.

Sum of seasonally adjusted new and existing home sales (above) multiplied by National 

Association of Realtors® annual estimate of fi rst time buyer share of existing home sales.

Short sales and REO (Real Estate Owned) sales as a percent of total existing home sales 

(current month subject to revision).

Housing Supply

 Existing Homes for Sale (NSA)

 Existing Homes - Months’ Supply

 New Homes for Sale (SA)

 New Homes for Sale - Months’ Supply (SA)

 Vacant Units Held Off Market 

Monthly

Monthly

Monthly

Monthly

Quarterly

National Association of Realtors ®

National Association of Realtors ®

HUD and Census Bureau

HUD and Census Bureau

Census Bureau

As reported.

As reported.

As reported.

As reported.

As reported in Census CPS/HPS Table 4. Estimates of Housing Inventory, line item “Year-round 

vacant, held off market for reasons other than occasional use or usually reside elsewhere.” 

Vacant units can be held off the market for a variety of reasons.

Mortgage Originations 

 Refi nance Originations

 

 Purchase Originations

Quarterly

Quarterly

Mortgage Bankers Association 

and HUD

Mortgage Bankers Association 

and HUD

HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi ance 

originations. 

HUD estimate of home purchase originations based on MBA estimate of dollar volume of home 

purchase originations. 

FHA Originations 

 Refi nance Originations

 Purchase Originations

 Purchases by First Time Buyer

Monthly

Monthly

Monthly

HUD 

HUD

HUD

FHA originations reported as of date of loan closing. Estimate for current month scaled upward 

due to normal reporting lag and shown as preliminary.

Mortgage Delinquency Rates (NSA)

 Prime

 Subprime

 FHA

Monthly

Monthly

Monthly

LPS Applied Analytics

HUD

Total mortgages past due (30+ days) but not in foreclosure, divided by mortgages actively serviced.

Total FHA mortgages past due (30+ days) but not in foreclosure, divided by FHA’s insurance in force.

Seriously Delinquent Mortgages 

 Prime

 Subprime

 FHA

Monthly 

Monthly

Monthly

LPS Applied Analytics, MBA, and HUD

HUD

Mortgages 90+ days delinquent or in foreclosure, scaled up to market.

Mortgages 90+ days delinquent or in foreclosure.

Underwater Borrowers Quarterly CoreLogic As reported. 

Foreclosure Actions

 Notice of Default (Foreclosure Starts)

 

 Notice of Foreclosure Sale 

 Foreclosure Completions

 Short sales

 REO Sales

Monthly

Monthly

Monthly

Monthly

Monthly

Realty Trac

Realty Trac

Realty Trac

CoreLogic

CoreLogic

Reported counts of notice of default plus lis pendens. Some foreclosure starts may be omitted in 

states where the fi ling of a notice of default is optional.

Notice of sale (auctions).

Real Estate Owned (REO).

Count of Short Sales for the month as reported (current month subject to revision).

Count of REO (Real Estate Owned) Sales for the month as reported (current month subject to 

revision).
 e Obama Administration’s Eff orts To Stabilize  e Housing Market and Help American Homeowners U.S. Department of Housing and Urban Development | Office of Policy Development and Research | June 2012

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

June 2012 National Scorecard | Page 7

SOURCES AND METHODOLOGY

B. Notes on Charts.

1. Monthly house price trends shown as changes in respective house price indices applied to a common base price set equal to the median price of an existing 

home sold in January 2003 as reported by the National Association of Realtors. Indices shown: S&P/Case Shiller 20-metro composite index (NSA), January 

2000 = 100, FHFA monthly (purchase-only) index for US (SA), January 1991 = 100, and CoreLogic-Distressed Sales Excluded (Monthly) for US (NSA), 

January 2000 =100. 

 

2. S&P/Case-Shiller 20 metro composite index (NSA) as reported monthly. Futures index fi gures report forward expectations of the level of the S&P/Case Shiller 

index as of the date indicated, estimated from prices of futures purchased on the Chicago Board of Exchange reported by Radar Logic. 

3. Reported seasonally adjusted annual rates for new and existing home sales divided by 12. 

4. HUD estimate of refi nance originations based on MBA estimate of dollar volume of refi nance originations. 

5. Cumulative HAMP permanent modifi cations started, FHA loss mitigation and early delinquency interventions, plus proprietary modifi cations completed as 

reported by Hope Now Alliance. Some homeowners may be counted in more than one category. Foreclosure completions are properties entering Real 

Estate Owned (REO) as reported by Realty Trac. 

6. Foreclosure starts include notice of default and lis pendens, completions are properties entering REO. Both as reported by Realty Trac. See “Foreclosure 

Actions” above. 

7. See “Borrower Annual Savings” above. 

8. FHA market shares as FHA purchase and refi nance originations divided by HUD estimates of purchase and refi nance mortgage originations as noted in 

“Mortgage Originations” above. Data for 2010 and 2011 have been revised.

C. Additional Notes.

 Additional loan servicers were added to the LPS Applied Analytics data base in March 2012, increasing market coverage of active prime loans in the LPS 

sample by 0.5 percent and active subprime loans by 20 percent. Since the estimated number of delinquent loans from this source have always been scaled 

to represent the entire market, the additional market coverage would not necessarily increase the number of delinquent loans reported here. The increased 

sample size improves the accuracy of the estimates. 
 e Obama Administration’s Eff orts To Stabilize  e Housing Market and Help American Homeowners U.S. Department of Housing and Urban Development | Office of Policy Development and Research | June 2012

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

June 2012 National Scorecard | Page 8

The Administration has taken a broad set of actions to stabilize the housing market and help 

American homeowners. Three years ago, stress in the fi nancial system had severely reduced 

the supply of mortgage credit, limiting the ability of Americans to buy homes or refi nance 

mortgages. Millions of responsible families who had made their monthly payments and had 

fulfi lled their obligations saw their property values fall. They also found themselves unable to 

refi nance at lower mortgage rates.

In February 2009, less than one month after taking offi ce, President Obama announced the 

Homeowner Affordability and Stability Plan. As part of this plan and through other housing 

initiatives, the Administration has taken the following actions to strengthen the housing market:

• Supported Fannie Mae and Freddie Mac to ensure continued access to affordable 

mortgage credit;

• The Federal Reserve and the U.S. Treasury purchased more than $1.4 trillion in agency 

mortgage backed securities through independent MBS purchase programs, helping to 

keep mortgage rates at historic lows;

• Launched a modifi cation initiative to help homeowners reduce mortgage payments to 

affordable levels and to prevent avoidable foreclosures;

• Launched a $23.5 billion Housing Finance Agencies Initiative to increase sustainable 

homeownership and rental resources;

• Supported the First Time Homebuyer Tax Credit, which helped more than 2.5 million 

American families purchase homes;

• Provided more than $5 billion in support for affordable rental housing through low 

income housing tax credit programs and $6.92 billion in support for the Neighborhood 

Stabilization Program to restore neighborhoods hardest hit by the concentrated 

foreclosures;

• Created the $7.6 billion HFA Hardest Hit Fund for innovative foreclosure prevention 

programs in the nation’s hardest hit housing markets; 

• Launched the $1 billion Emergency Homeowners Loan Program, as part of the DoddFrank Wall Street Reform and Consumer Protection Act, to help unemployed and 

underemployed homeowners pay a portion of their monthly mortgage.

• Created an FHA Short Refi nance Option that helps underwater borrowers refi nance into 

a new, stable, FHA-insured mortgage that is more aligned with actual property values.

• Supported home purchase and refi nance activity through the FHA to provide access to 

affordable mortgage capital and help homeowners prevent foreclosures.

• Implemented a series of changes to the Home Affordable Refi nance Program (HARP) in 

an effort to attract more eligible borrowers who can benefi t from refi nancing their home 

mortgages during this time of historically low mortgage rates.

###

Appendix