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IMPORTANT: The text in this website and product(s) sold on this website do not substitute for legal advice. Fannie Mae has unleashed a new tool that will help servicers analyze additional borrower information to determine more quickly whether or not a distressed homeowner qualifies for a Fannie Mae loan modification.
As of December, Fannie Mae has updated its Servicing Management Default Underwriter tool to help servicers better analyze all of the criteria that determines the type of aid available to a troubled borrower. As part of a new policy change, servicers are now required to calculate a borrower’s full mortgage obligation, including the entire outstanding principal balance, the amount past due, and other arrearages.
Servicers can only determine whether a borrower qualifies for a modification program after analyzing all of this information at one time. A new policy, which requires servicers to look at more than the loan obligation during the loan modification assessment process goes into effect on March 1, 2016. Traditionally, Servicing Management Default Underwriter has been used by Fannie servicers to determine what foreclosure prevention options are available to borrowers with Fannie-backed loans.
James Lockhart, Chairman and CEO of the Oversight Board of the Federal Housing Finance Agency, addresses a meeting of the Women in Housing and Finance organization December 10, 2008 in Washington, D.C. Nor does the text substitute for real estate, financial, tax, bankruptcy or other professional advice. The Servicing Management Default Underwriter tool allows financial institutions to reach these conclusions in a quick and efficient manner. However, the tool to analyze this criteria is already available, so borrowers and servicers will not miss a beat when the new modification assessment guidelines take effect in March.
Loan Modification Key® and its owner(s) cannot and do not guarantee results from any lender or servicer.
Sanders and I am the Distinguished Professor of Finance at George Mason and a Senior Scholar at the Mercatus Center. Loan Modification Key® and its owner(s) do not represent any loan modification program or governmental program including but not limited to “Making Home Affordable”.
The proposal to be discussed at this hearing is the expansion of affordable refinancing of mortgages held by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. The expansion represents changes in HARP that eliminates Loan Level Price Adjustments (LLPAs), eliminates representations and warrants for cross servicer refinancing and appraisal streamlining and orders Fannie Mae and Freddie Mac to contact borrowers directly about HARP opportunities. It can be argued that Fannie Mae and Freddie Mac are resisting loan modification to protect their retained portfolios.

This proposal would remove the safeguards from HARP and encourage more refinancing by borrowers.
Even so, I would encourage a detailed examination of the projected benefits to consumers and costs to American taxpayers of these proposed changes by FHFA, the Congressional Budget Office and The Federal Reserve Board before you proceed.
Administrations and Congress have undertaken large policy changes in housing and housing finance (particularly since 1995) and these changes had unintended consequences. LESSONS FROM JURASSIC PARK The Clinton Administration embarked on a well-intended strategy of increasing the home ownership through the expansion of credit to lower-income  households. The second leg in the “housing finance trifecta” was President Clinton’s desire to set capital gains tax on housing to zero (1997). This coincided with an explosion of GSE debt (mostly Fannie Mae and Freddie Mac) to fund the required mortgage debt expansion (see Figure 1).
The third leg of housing finance trifecta was the repeal of the Glass-Steagall Act of 1933. Deregulation per se is not damaging to the economy (and is often beneficial), but the shock of such a major regulatory change in conjunction with two large shocks in housing policy make it extremely difficult to predict the outcomes and unintended consequences.
This is especially true when the Clinton Administration insisted that no merger may proceed if any of the financial holding institutions, or affiliates thereof, received a "less than satisfactory [sic] rating at its most recent Community Reinvestment Act exam", essentially meaning that any merger may only go ahead with the strict approval of the regulatory bodies responsible for the CRA. The Clinton Administration stressed that it "would veto any legislation that would scale back minority-lending requirements.2” Taken together, the trifecta clearly was a major policy change to an extremely complex economy. I am unaware of any research at HUD from their Policy, Development and Research group examining how the three legs would work together and what the joint intended and unintended consequences would be. This type of major policy shift can have Jurassic Park type of unintended consequences for the housing market, the mortgage market and borrowers.
The Clinton trifecta ultimately resulted in the taxpayers being eaten by the monster that was created (as in $7.4 trillion in household equity being lost and millions of borrowers in default or foreclosure). In summary, I strongly believe that any change in policy for the housing and mortgage market must be accompanied by sound theory and econometric models of the policy impact. In addition, there is pressure from the Administration and Congress on having FHFA approve principal reductions for the GSEs.
Treasury market.6 We are in unchartered territory on Fed intervention and mortgage rates and we have to be careful not to create more unintended consequences that could devastate American taxpayers.
While this proposed expansion of HARP does not include principal write downs, bear in mind that it is virtually impossible to accurately predict the outcomes of HAMP and HARP if FHFA agrees to principal reductions AND the Attorneys General Settlement (which includes principal reductions). Before proceeding, I suggest a study from the Congressional Budget Office, FHFA and The Federal Reserve on the joint effects of all programs kicking in together.

I appreciate the difficulties faced by FHFA and others about predicting the success rates for HAMP and HARP. We simply do not have adequate data to make a sensible recommendation, particularly with regard to principal write downs. Likewise, we can only guess at the final success of HARP and the Attorneys General Settlement. And there is the moral hazard of principal reductions that must be considered in any analysis (that is, will borrowers fall behind in their payments simply to qualify for a mortgage write down?). Please exercise extreme caution and wait until we have more data as to the effectiveness of the collected efforts of the 14 loan modification programs AND the principal reduction proposals for FHFA. And bear in mind that we only have data on loan modifications since 2008 and virtually no data over a long period (4 years) on principal reductions. SECTION 4: HAVING FANNIE MAE AND FREDDIE MAC CONTACT BORROWERS DIRECTLY Section 4 requires that Fannie Mae and Freddie Mac contact borrowers directly about the possibility and benefits of a mortgage modification. In addition, Fannie Mae and Freddie Mac must post relevant refinancing information on their web sites (see Table 1 for examples of existing web sites). I am on record above stating that careful analysis of the joint impact of the 14 Federal Government loan modification programs should be undertaken before any more changes are made (or new programs are created). At some point, the collective impact of these programs could drive our banks into bankruptcy. Another reason that I am opposed to removing the loan modification safeguards is that the banks and investors are private market concerns, not private market concerns in conservatorship. Once again, this could be a Jurassic Park moment where we signal to the world that the U.S. In summary, I encourage the Senate to request detailed studies on the impact of this legislation before proceeding further. We are in unchartered waters for housing finance and Federal Reserve policies and any further changes should be enacted with extreme caution.

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