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November 2011 Housing Scorecard Revealed

The results are in from the November 2011 ""Housing Scorecard"":http://portal.hud.gov/hudportal/HUD?src=/initiatives/Housing_Scorecard. In addition to the report's traditional look at the country's real estate and mortgage markets, the most recent survey also closely examined the nation's 10 largest mortgage servicers participating in the ""Making Home Affordable Program"":www.makinghomeaffordable.gov/programs/lower.../hamp.aspx, to promote transparency related to the platform's performance.


Created monthly by ""HUD"":www.hud.gov/ and the ""Treasury Department"":www.treasury.gov/, the Scorecard program tracks the key indicators of the nation's housing market health. The reports also feature specific regional real estate highlights from selected areas, and November's focus was Atlanta, Georgia.

Significant findings from this month's Scorecard revealed that around 82 percent of eligible homeowners entering a HAMP modification trial since June 2010 have received a permanent modification, and the average timeline for achieving modification was estimated at 3.5 months. The Scorecard results also demonstrated that permanent modifications via HAMP have saved homeowners around $9.4 billion to date.

Other highlights included the total number of modification arrangement starts, which stands at 5.4 million according to November numbers. The Scorecard showed that 1.7 million HAMP trial modification starts were initiated, along with 1.1 million FHA loss mitigation and early delinquency interventions.


Scorecard tallies indicated that around 880,000 permanent mortgage modifications have been run through HAMP as of November, with a median payment drop for homeowners of 37 percent. Results also demonstrated that 2.5 million proprietary modifications were derived from HOPE Now as of the close of the period.

Turning its spotlight on Atlanta, the Scorecard showed that the area has racked up around 135,800 mortgage assistance interventions as of November, and another 114,300 interventions were given by HAMP and the FHA loss mitigation and early delinquency intervention programs. HOPE Now Alliance services have contributed around 21,500 proprietary modifications in Atlanta.

Additionally, Georgia has received $339 million through the government's Hardest Hit Fund, which seeks to implement local solutions to borrower defaults while addressing the range of factors that may contribute to a family's financial issues. The state has also enjoyed $97 million toward neighborhood stabilization according the the Scorecard.

Commenting on the recent findings, The Treasury's assistant secretary for financial stability, Tim Massad, said, ""The mortgage servicing industry lacked accountability and transparency when this crisis started. Publishing these servicer assessments is key to our efforts to hold servicers publicly accountable for their performance and keep necessary pressure on them to improve. We've seen movement in the right direction, and we will keep this up so that the industry continues to change its ways.""

As to the servicer assessments, the November Scorecard noted that ""JPMorgan Chase"":https://www.chase.com/ continues to be labeled in ""need of substantial improvement."" Otherwise the big bank could face potential permanent reduction to its financial incentives within HAMP. ""Bank of America"":https://www.bankofamerica.com/ was found to be in ""need of moderate improvement,"" and the Scorecard mentioned that the financial institution would be required to continue its progress in addressing problems identified in previous surveys.

About Author: Abby Gregory


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