FHFA Data Shows HARP Refinances Above 105% LTV Are Increasing; Oregon and All State Data Available in Excel.

FHFA PR is HERE. From the PR I have constructed an Excel workbook in my public Excel SkyDrive that shows refinance and HARP activity by state, with a detailed breakout of Oregon data.  

Direct link to the Excel file is HERE and it is embedded below. (Worksheet with detailed Oregon data displayed by default; data for all states and link to data source are included in other worksheets in the workbook).

Some Oregon Observations

1. The percent of HARP loans that went to borrowers at LTV 105% and above was 28% in March compared to 10% since the start of HARP in April of 2009.
2. In March there were 515 HARP refinances with LTV above 105%; that is nearly half of the 1,044 HARP refinances with LTV above 105% so far this year and more than 1/6th of ALL HARP refinances above 105% since the inception of the program in April 2009.
3. Total FHFA refinances in March were 8,133; there were 19,252 FHFA refinances so far this year

Originally created and posted on the Oregon Housing Blog.

HUD Secretary: Chase Thinks They Can Modify One Million Loans Using President's Plan.

It is surprising that an exchange between HUD Secretary Donovan and NY Senator Schumer at the Senate Banking Committee hearing earlier this week has NOT received more media attention.

At 1:50:31 into the video HERE HUD Secretary Donovan relates to Senator Schumer that Chase CEO Dimond told him that, using the loan modification component of the President's HARP plan, "they [CHASE] think they can do a million loans". (Use slider at bottom of video to get to this point in the hearing, click "show transcript" and you will see to the right the written transcript of that point in the video).

Schumer goes on to make the general point that he believes that the HARP program has broader appeal to lenders and servicers than many anticipate, and that if this is accurate, the President's HARP plan will help stabilize real estate markets quicker than many expect.

To date, I have found only ONE news story, from Financial Times, HERE that reports anything related to this Senate testimony.

My expectation is that servicers have been holding off loan modifications in anticipation of the March 4th program guideline announcement. Shortly afterwards, one or more of the servicers will be motivated to announce that a significant number of loan modification letters have been sent to borrowers to verify income and request other information necessary for processing, and that loan modification offers will follow the receipt and analysis of responses from borrowers.