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Congressional Oversight Panel December Oversight Report

Congressional Oversight Panel December Oversight Report

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Published by Foreclosure Fraud
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Published by: Foreclosure Fraud on Dec 14, 2010
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11/09/2011

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Congressional Oversight Panel
DECEMBEROVERSIGHT REPORT
*
 
December 14,2010
*
Submitted under Section 125(b)(1) of Title 1 of the Emergency EconomicStabilization Act of 2008, Pub. L. No. 110-343
 
A Review of Treasury’s Foreclosure Prevention
Programs
 
2
Table of Contents
 
Executive Summary .............................................................................................................4Section One: Introduction ....................................................................................................7Part One: Where HAMP Stands Today ...............................................................................8A. Background ..............................................................................................................8B. Pre-HAMP Foreclosure Mitigation Efforts ...........................................................10C.
HAMP‟s Structure
.................................................................................................13D.
HAMP‟s Performance
............................................................................................171. Trial Modifications ...........................................................................................182. Conversion to Permanent Modification ............................................................213. Permanent Modifications ..................................................................................234. Borrowers Dropped from the Program .............................................................295. Redefault ...........................................................................................................33E. Performance of Non-HAMP Modifications...........................................................33F.
Treasury‟s Other Foreclosure Mitigation Programs
..............................................36G. Barriers to Success .................................................................................................42
1. What are HAMP‟s Goals?
................................................................................422. Factors Affecting HAMP Success ....................................................................48Part Two: The Future of HAMP ........................................................................................72H.
Treasury‟s Implementation of HAMP
and Possible Improvements ......................731. Role of Fannie Mae and Freddie Mac ...............................................................732. Current Oversight Mechanisms ........................................................................823. Implementation Failures and Ways to Improve ................................................84
 
3I. Redefaults of Modified Mortgages ..............................................................................881. The Great Depression-Era Home O
wners‟ Loan Co
rporation .........................902. Redefaults in Other Loan Modification Efforts ................................................923. Current Trends in Loan Modifications and Redefaults.....................................934. HAMP Redefaults .............................................................................................95Conclusions and Recommendations ................................................................................106
Annex I: Lessons from the Home Owners‟ Loan Corporation of the
1930s and 1940s ...................................................................................................111A. Background ..........................................................................................................111B.
The HOLC‟s Operations
......................................................................................112C. How the HOLC Compares to HAMP ..................................................................119D. Lessons from the HOLC ......................................................................................122Section Two: Additional ViewsA. J. Mark McWatters and Professor Kenneth R. Troske ........................................123Section Three: Correspondence with Treasury Update ...................................................128Section Four: TARP Updates Since Last Report .............................................................129Section Five: Oversight Activities ...................................................................................167Section Six: About the Congressional Oversight Panel ...................................................168Appendices:APPENDIX I: LETTER FROM SPECIAL MASTER PATRICIAGEOGHEGAN TO CHAIRMAN TED KAUFMAN RE: FOLLOW UP TOEXECUTIVE COMPENSATION HEARING, DATED NOVEMBER 18,2010............................................................................................................................169

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