Skip to main content

Obama Administration reports more than 100,000 permanent mods approved to date
Jan 15, 2010

The U.S. Department of the Treasury and the U.S. Department of Housing & Urban Development (HUD) have released an update on the Administration's aggressive nationwide campaign to help borrowers in the trial phase of their modified mortgages convert to permanent modifications under the Home Affordable Modification Program (HAMP). The new December data demonstrates that there has been a significant acceleration in the rate at which borrowers are being approved for permanent modifications. As of December, more than 100,000 permanent modifications have been approved, including 66,000 that borrowers have accepted and the remainder awaiting only the borrower's signature. Under HAMP, more than 850,000 homeowners have had a median payment reduction exceeding $500. "Treasury is committed to working with servicers and borrowers to sustain this improved pace," said Chief of Treasury's Homeownership Preservation Office (HPO) Phyllis Caldwell. HUD Senior Advisor for Mortgage Finance William Apgar echoed this commitment: "HUD will continue to work with our Administration partners and utilize our broad network of housing counseling agencies to increase the number of borrowers receiving sustainable and affordable modifications under HAMP." The Administration has taken a number of steps to assist servicers in ramping up to give eligible homeowners the opportunity to participate in HAMP. Over the past month, Administration representatives were on-site in servicer offices to ensure that servicers increased efforts to deliver decisions to borrowers in trial modifications who had submitted all of their documents and to obtain any missing documents from borrowers. The Administration also implemented a temporary review period to ensure that all borrowers are being fairly evaluated for the program - the temporary review period extends until Jan. 31, 2010. HAMP was designed to offer up to 3-4 million homeowners reduced monthly mortgage payments that are affordable and sustainable over the long-term, over the life of the program. Currently, several million homeowners are estimated to be eligible for the program and more than one million have already received modification offers. At this pace, the program is on track to meet the goals that President Obama laid out in announcing the Homeowner Affordability and Stability Plan (HASP). This Plan included several housing initiatives beyond mortgage modifications, including broad support for Fannie Mae and Freddie Mac to keep interest rates low and facilitate mortgage affordability across the market, increased flexibilities for Fannie Mae and Freddie Mac in refinancing mortgages to provide homeowners with lower monthly payments, tax credits to support development of affordable housing, and support to state and local housing finance agencies. In just the first year, the Administration has launched all of these critical initiatives. As part of an ongoing commitment to continuously provide greater transparency in all of the Administration's financial stability efforts, the December report includes several new measurements including a breakdown of permanent modification characteristics. These characteristics include predominant hardship reasons and monthly payment savings. The December HAMP report can be found here. 
Jan 15, 2010
Mortgage Forbearance Changes Create Challenges for Servicers

65% Of All Plans Would Expire By The End of 2021

Regulation and Compliance
Aug 02, 2021
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021