Adm

EconHAMWatBorrCharModSeleServHAMHAMArea ModList o

Report Highlights InsNumber of Permanent Modifications Increases 45%• More than 170,000 permanent modifications have been granted to homeowners, who are 

guaranteed lower payments for five years.

• An additional 91,800 permanent modifications have been approved by servicers and are 

pending borrower acceptance.

Over One Million Borrowers in Active Trial and Permanent Modifications• More than 1.3 million homeowners have received offers for trial modifications, representing 34-

45% toward the goal of 3-4 million offers extended through 2012.

• More than 72,000 new trial modifications started in February; borrower savings begin with the 

first trial payment. Nearly 1.1 million trial modifications have begun under the program.

• Of the 1 million borrowers in active modifications, more than 168,000 borrowers are in active 

permanent modifications. 

• These homeowners’ lower monthly mortgage payments represent a cumulative savings of over 

$2.7 billion.

• Of modifications that have converted to permanent, 0.9% have been canceled. Of all 

modifications started, 8.2% have been canceled. 

Borrowers in Permanent Modifications Experience Real, LongTerm Savings in Monthly Housing Expenses• Borrowers in permanent modifications are saving a median of 36% of their before-modification 

payment; median savings is more than $500 each month.

• Qualified homeowners could reduce housing-related expenses from almost half of their gross 

income to less than one-third of their income. 

• Upon completing one year of on-time payments per program guidelines, borrowers are eligible 

to earn up to $1,000 to be applied to their outstanding mortgage balance.

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

Making Home Affordable Program

Servicer Performance Report Through February 2010
Making Home Affordable Program

Servicer Performance Report Through February 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).

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 

• Goal of offering 3-4 mill

payments through a mo

• Nearly 1.1 million home

modifications and over modifications have bee

• Homeowners in perman

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

Refinancing:

• Refinancing flexibility an

allowed over 4 million brefinance, saving an esaverage and more than 

Neighborhood Stabilizatio

Development Programs:

• Over $5 billion in Recov

hit communities to help 

• $1.5 billion HFA Innova

Housing Markets to supforeclosure prevention e
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 February 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) 1,003,902

Active Trial Modifications 835,194Active Permanent Modifications 168,708Pending Permanent Modifications2 91,843

Trial Modifications Canceled 88,663Permanent Modifications Canceled3 1,499

Percentage to Goal of 3-4 Million Modification Offers4 34-45%

54,054

154,407

272,887

4

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 Program Inception Through February 20101

Permanent Modification(Cumulative, by Month)

Number of Trial Period Plan Offers Extended to Borrowers (Cumulative) 2 1,354,350

All HAMP Trials Started Since Program Inception 1,094,064Trials Converted to Permanent Modifications 170,207

1 As reported by the HAMP system of record.2 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.3 Includes 26 loans paid off. 4 In 2009, Treasury set a goal of offering help to 3-4 million borrowers through the end of 2012, as measured by trial 

plan offers extended to borrowers.

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

0

20000400006000080000

100000120000140000160000180000

September and 

Prior

October 

1 Includes trials converted to permanent and pendinSource: All trial modifications started by month first system of record.Source: HAMP system of record. 

Making Home Affordable Program

Servicer Performance Report Through February 2010

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

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

32% of trials three months approved for permanent by 
5.2

4.4

3.6 3.4

2.6

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 January 31, 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 February 2010

Not all 60-day delinquent loans are eligible for HAMP. Other characteristics may preclude borrowestimates, of the 6.0 million borrowers who are currently 60 days delinquent, 1.8 million borrowe

represents a point-in-time snapshot of the delinquency population and estimated HAMP eligibility

will become eligible for HAMP from now through 2012.

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

= Estimate
• Borrowers in active trial and permanent modifications 

have saved more than $2.7 billion through HAMP modifications.• The median savings for borrowers in permanent modifications is $518.88, or 36% of the median beforemodification payment. 

Interest Rate Reduction 100%Term Extension 40.8%Principal Forbearance 27.8%

Permanent Modifications by Modification Steps:

Predominant Hardship Rea

2.7%

10.8%

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 45.0% 31.0% ‐14.2 pct pts

Back-End Debt-to-Income Ratio2 76.4% 59.8% ‐14.6 pct ptsMedian Monthly Payment3 $1,430.96 $837.86 ‐$518.88

1 Includes borrowers who are employed but ha

have lost their jobs.Note: Does not include 21.2% 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 February 2010

Modification Characteristics

Servicer Solicitation of Borrowesince program inception)1 

Page views on MHA.gov (Febru

Page views on MHA.gov (cumu

Selected Outreach Measure

1 Source: survey data provided by servic

solicit information from borrowers 60+ daHAMP modification. Through DecemberJanuary, solicitations totaled 3,595,637.
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 128,436 16,431 13,349 12,456 825 7,595 10%

Aurora Loan Services, LLC 79,039 46,015 40,000 19,118 8,433 1,503 35%

Bank of America, NA5 1,086,512 357,717 264,813 240,550 20,666 22,303 24%

Bank United 5,333 1,467 1,180 722 455 603 22%Bayview Loan Servicing, LLC 10,500 5,117 4,375 3,749 482 69 40%

Carrington Mortgage Services LLC 18,426 2,919 1,533 504 1,022 50 8%

CCO Mortgage 5,756 1,758 1,132 1,058 74 493 20%

CitiMortgage, Inc. 249,901 153,036 138,795 113,776 15,607 8,076 52%

GMAC Mortgage, Inc. 66,289 48,764 37,081 20,338 14,675 4,388 53%

Green Tree Servicing LLC 11,442 6,210 4,743 4,277 375 725 41%HomEq Servicing 41,779 4,064 2,020 1,217 712 234 5%J.P. Morgan Chase Bank, NA6 437,323 229,819 179,645 151,932 19,385 20,450 39%

Litton Loan Servicing LP 109,507 33,862 27,242 20,868 4,213 923 23%

Nationstar Mortgage LLC 48,885 25,896 19,046 10,039 3,984 919 29%

Ocwen Financial Corporation, Inc. 65,422 20,435 16,148 6,444 9,290 2,724 24%

OneWest Bank 111,955 52,549 35,503 27,668 5,057 5,596 29%

PNC Mortgage7 43,947 21,440 16,770 12,157 638 615 29%

Saxon Mortgage Services, Inc. 70,269 41,362 37,337 21,215 7,364 4,451 41%

Select Portfolio Servicing 62,041 53,733 33,812 17,205 9,641 1,478 43%

US Bank NA 30,226 11,189 8,461 5,267 3,086 1,115 28%

Wachovia Mortgage, FSB8 72,192 3,555 1,643 1,642 0 0 2%

Wells Fargo Bank, NA9 379,357 213,718 158,745 114,090 24,975 7,533 37%Other SPA servicers10 24,865 3,294 2,286 1,222 1,015 NA 9%

Other GSE Servicers11 279,546 NA 48,405 27,680 16,734 NA 16%

Total 3,438,948 1,354,350 1,094,064 835,194 168,708 91,843 29%

HAMP Modification Activity by Servicer 

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

January 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 January 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 February 25, 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 includes Pick-a-Payment and Wachovia Bank NA loans.9 Beginning this month, 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.

Wachov

HomE

Carringto

American Hom

CC

Bank Unit

Litt

Ocwe

Bank of Americ

US Ba

OneWe

Nations

PNC Mortga

Auro

Wells Farg

J.P. Morgan Chas

Bayvie

Green Tr

Saxo

Select Portfo

CitiMortgag

GMA

Active Eligib

Note: Includesame as the tDecember moJanuary modiFebruary mod

Making Home Affordable Program

Servicer Performance Report Through February 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. Effective this month, data has been divided into five categories.

HAMP Activity by State

State

Active 

Trials

Permanent 

Modifications Total State

Active 

Trials

Permanent 

Modifications Total

AK 490 74 564 MT 1,132 198 1,330AL 5,922 1,061 6,983 NC 17,483 3,640 21,123

AR 2,384 458 2,842 ND 211 34 245AZ 40,000 9,763 49,763 NE 1,347 266 1,613

CA 170,227 35,379 205,606 NH 3,616 850 4,466CO 11,707 2,613 14,320 NJ 27,828 5,477 33,305CT 10,658 2,163 12,821 NM 3,057 559 3,616

DC 1,568 270 1,838 NV 21,553 4,900 26,453DE 2,699 580 3,279 NY 39,579 5,757 45,336

FL 102,033 21,111 123,144 OH 18,586 3,704 22,290

GA 33,180 6,468 39,648 OK 2,740 412 3,152

HI 2,991 620 3,611 OR 9,435 2,048 11,483IA 2,762 465 3,227 PA 19,458 3,487 22,945ID 3,313 709 4,022 RI 3,843 873 4,716IL 44,893 8,392 53,285 SC 9,097 1,737 10,834

IN 9,264 1,729 10,993 SD 407 67 474

KS 2,624 469 3,093 TN 9,397 1,943 11,340

KY 3,677 679 4,356 TX 29,886 3,763 33,649

LA 5,292 778 6,070 UT 7,099 1,623 8,722

MA 18,789 4,087 22,876 VA 20,384 4,760 25,144MD 27,282 5,799 33,081 VT 586 136 722ME 2,146 525 2,671 WA 16,292 3,590 19,882

MI 28,183 5,782 33,965 WI 8,344 1,751 10,095MN 14,959 3,769 18,728 WV 1,456 273 1,729

MO 10,628 1,901 12,529 WY 449 96 545

MS 3,371 679 4,050 Other* 887 441 1,328

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

Making Home Affordable Program

Servicer Performance Report Through February 2010

Mortgage Delinqu

60+ 
Servicer 

Bank of America, NA1 

JP Morgan Chase NA2 

Wells Fargo Bank, NA 3 

CitiMortgage, Inc. GMAC Mortgage, Inc. 

OneWest Bank Saxon Mortgage Services Inc. 

Aurora Loan Services, LLC 

Select Portfolio Servicing Litton Loan Servicing LP 

Ocwen Financial Corporation, InNationstar Mortgage LLC American Home Mortgage Servicing Inc 

PNC Mortgage4 

US Bank NA Green Tree Servicing LLC 

Bayview Loan Servicing, LLC 

HomEq Servicing Wachovia Mortgage, FSB5 

Carrington Mortgage Services LLRemainder 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 Effective this month, Wells Fargo Bank, NA incl

Mortgage, FSB. 3 Formerly National City Bank.

5 Wachovia Mortgage, FSB includes Wachovia MNote: 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 52,375 8,660 61,035 6.1%

Los Angeles-Long Beach-Santa Ana, CA 50,224 9,414 59,638 5.9%Chicago-Naperville-Joliet, IL-IN-WI 43,215 8,086 51,301 5.1%Miami-Fort Lauderdale-PompanoBeach, FL 39,585 7,532 47,117 4.7%Riverside-San Bernardino-Ontario, CA 38,179 8,918 47,097 4.7%Phoenix-Mesa-Scottsdale, AZ 32,768 8,118 40,886 4.1%Washington-Arlington-Alexandria, DC-VA-MD-WV 28,621 6,193 34,814 3.5%Atlanta-Sandy Springs-Marietta, GA 26,719 5,276 31,995 3.2%Las Vegas-Paradise, NV 17,964 3,944 21,908 2.2%

Detroit-Warren-Livonia, MI 17,729 3,386 21,115 2.1%

Orlando-Kissimmee, FL 16,248 3,535 19,783 2.0%Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 14,805 2,796 17,601 1.8%Boston-Cambridge-Quincy, MA-NH 13,272 2,925 16,197 1.6%Tampa-St. Petersburg-Clearwater, FL 12,848 2,729 15,577 1.6%Sacramento-Arden-ArcadeRoseville, CA 12,450 2,921 15,371 1.5%

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

Making Home Affordable Program

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

Making Home Affordable Program

Servicer Performance Report Through February 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.