HAMP analyses

Chicago region HAMP modifications reach lowest level since data was reported: July

HAMP’s momentum appears to be slowing, as permanent modification growth slows and the number of trial modifications decreases more sharply. Chicago region permanent loan modifications rose by 9 percent from June to July, compared to 15 percent growth from May to June and 17 percent growth from April to May (see charts A and B). Regional trial modifications fell by 30 percent from June to July, which is the third month in a row of month-over-month losses above 20 percent. Total modification activity in the Chicago region fell by 9 percent from June to July.

Chicago area permanent HAMP modifications on the rise, but total activity flatlines: March

The Department of the Treasury released its ninth report card on how mortgage lenders are doing modifying loans for eligible homeowners under the government’s Making Home Affordable program (see our previous analyses).

HAMP Loan Modifications Not Making Serious Dent: January

The HAMP program starts out participants in three-to five-month trial modifications, and if they submit all the necessary paperwork and make payments on time, they are supposed to be entered into a permanent modification. Treasury started reporting on permanent modifications by servicer in the November report card, and last month, they released numbers on permanent modifications by state and metropolitan area.

Tracking the Progress of Federal Loan Modifications: December

An important figure to watch in the HAMP program is the percent of trial modifications that have become permanent. The HAMP program starts out participants in three-to five-month trial modifications, and if they submit all the necessary paperwork and make payments on time, they are supposed to be entered into a permanent modification. Looking at the percent of trials that have become permanent tells a story of how likely HAMP is to make a long-term dent in foreclosure activity.

Tracking the Progress of Federal Loan Modifications: October

Here at Woodstock Institute, we’re tracking the mortgage lenders active in the Chicago area to see how they’re performing on their commitment to reducing monthly payments for distressed homeowners. Check back here every month to see who’s getting better—or worse. Note: these numbers reflect the national portfolio of these banks, not just the loans in the Chicago area. Local data is not available. Treasury announced that 33,514 trial modifications have been started in Illinois, but data on the total number of eligible loans have not been provided. 

Pages

Subscribe to HAMP analyses