SIGTARP Report Has Data on Hardest Hit Programs, Including Oregon; Nearly 9,000 Oregon Families Projected to See HAMP Payment Increases.

Report is HERE. HH summary for Oregon begins on PDF page 142. 

HAMP Tier 1 Permanent Loan Modification Payment Increases Will Impact Nearly 9,000 Oregon Families
The report also shows the % of HAMP Tier 1 permanent loan modifications facing phased in payment increases by state. (See PDF page 70 in the report).

89% (8,975) of the 10,113 Oregonian families with these permanent loan modifications are projected to incur payment increases in the coming years, vs 88% nationally. 

When fully implemented the projected median monthly payment increases in Oregon will be $191 vs a national median median increase of $196.

Originally created and posted on the Oregon Housing Blog.

Oregon Only Hardest Hit Fund State to Increase Projected Homeowners to be Helped with TARP Funding.

The semi annual report from the TARP Inspector General is out HERE. It includes reports on progress made on spending for the Hardest Hit housing programs; Oregon received $220 million for that program.

I have excerpted relevant pages on spending by Oregon to date into a 4 page PDF file HERE and embeded below. While the report generally criticizes Treasury for allowing states to reduce their estimates of households served, without reducing funding, it notes that Oregon is the ONLY state to have increased its estimate of the number of households being served.   

As of mid-2010, Oregon estimated that it would help as many as 9,400 homeowners with HHF but, as of June 30, 2013, had increased that estimate to 15,280.

Originally created and posted on the Oregon Housing Blog

March 2013: Cumulative Rate of Oregon Hardest Hit Housing Fund TARP Draw Downs Is Double National Average.

A new SIGTARP report as of March 31st has been published HERE. 

In prior post HERE, I provided a Dec 2012 summary of Hardest Hit Housing Fund spending by state, including an Excel worksheet. That same worksheet is included in the updated Excel file HERE, and embedded below, but the initially visible worksheet is a new one focusing on draw downs as of March 31st. 

Some Observations on March 2013 Spending:

1. Oregon's cumulative drawn down rate of 58% was more than double the national average rate of 27%. 
2. Oregon drew down $20.5 million in the first quarter of 2013, vs a total draw down of $48 million in CY 2012.
3. While Oregon's cumulative draw down ranking slipped from 2nd to 3rd, the areas with higher drawn down rates (Rhode Island and DC) had substantially smaller amounts to spend. 

Originally created and posted on the Oregon Housing Blog.

Oregon Hardest Hit Program Has RFP Out for Loan Origination/Administration for $10 Million Pilot Loan Program in Multnomah County.

Oregon Oregon Affordable Housing Assistance Corporation has an RFP out for mortgage origination for $10 million pilot loan refinancing program in Multnomah County. Program is expected to help 50 families.

Mandatory pre proposal conference for interested parties is tomorrow/Tuesday in Salem.  

Related materials: 
Oregon Affordable Housing Assistance Corporation
Request for Proposal #166
- Attachment B
- Exhibit C - Treasury Reporting Form
- Exhibit D - RAHAPP Term Sheet
- Exhibit F - Draft Eligibility Determination Guide
Rebuilding American Homeownership Assistance Pilot Project
Hardest Hit Fund Program
Proposal Due Date: April 22, 2013     
Due Time:  4:00 PM PST

Originally created and posted on the Oregon Housing Blog.

4th Quarter Oregon Hardest Hit Housing Program Report Posted.

Report is HERE; Reports page HERE. 

Analysis later as time permits.

Originally created and posted on the Oregon Housing Blog.

Oregon Drew Down $48 M in Hardest Hit Funds in CY 2012.

The Excel worksheet HERE and embedded below shows state draw downs of Hardest Hit Funds in CY 2012.   

Some observations: 

1. States drew down a little more than $1 billion in CY 2012, but total drawn downs were still only 23.2% of the total amount available ("obligated"). 
2. Oregon's end of CY 2012 48.9% drawn down rate was the second best in the country, trailing only Rhode Island. 
3. During CY 2012 Oregon drew down $48 million in Hardest Hit Funds.
4. The SIGTARP reports show no change in draw downs for Indiana and Georgia during CY 2012; not sure what is up with that reporting.
5. California has drawn down only 23.7% of their available Hardest Hit funds, and Florida only 11%.

4th Quarter detail on Oregon's Hardest Hit program is not yet posted on their reporting website HERE. 



Originally created and posted on the Oregon Housing Blog. 

Oregon Housing Council Friday Sept 7 Teleconference Meeting Package Updated, Includes 3 Exhibits from August Meeting.

The upcoming Friday Oregon Housing Council meeting is a telephone conference meeting. I have updated the link in right pane, Oregon Housing Council Materials, to include the Board packet for this meeting as well as the packet for the August meeting that I missed. 

In addition OHCS staff were good enough to send me 3 presentations made at the August meeting. Those presentations are bookmarked and start at page 32 of the current packet. Presentations included an update to the SF program, an OHCS program review, and a status report on the Hardest Hit /OHSI programs. 

Originally created and posted on the Oregon Housing Blog. 

Update: Testimony from Monday Oregon House Interim Committee on General Government and Consumer Protection Hearing on Foreclosure Prevention Bill and Hardest Hit Fund.

Update: 
Links to PDF's of three PowerPoint presentations have been posted below
--------------
PowerPoint presentation – Keith Dubanevich (Topic: Update on implementation of SB 1552 & rulemaking status & process)

PowerPoint presentation – Keith Dubanevich (Topic: Update on emergency rules & permanent rulemaking on loan servicing           
 
PowerPoint presentation- Margaret Van Vliet & Michael Auman (Topics: Update on OHCS role in implementation of SB 1552, & Update on State & Federal programs available to distressed homeowners)
 
(Original Post)
The exhibit from Oregon Housing and and Community Services is HERE and covers only the Hardest Hit Fund program.

Will update if additional DCBS/AG testimony on the foreclosure prevention bill becomes available and if audio links to the hearing are posted. 

Originally created and posted on the Oregon Housing Blog. 

Oregonian Hardest Hit Housing Program Story in Sunday Paper; What's New.

In case great weather and Mother's day diverted your attention away from the "O", above the fold Sunday story on Oregon Hardest Hit Housing Program is HERE. 

New reporting not covered by my earlier posts about program: 

1. Story says that $1.75 million in payments were made to 242 homeowners without proper documentation and cannot be recovered : "Officials later determined that some of their new customers actually were not eligible. The state terminated 242 homeowners from the program. But by that time, the state had extended them more than $1.75 million in assistance. State officials decided they would make no effort to retrieve the money. There was little doubt the applicants were in financial straits sufficient to qualify for the program. But they lacked documentation necessary to prove it, said agency spokeswoman Karen Tolvstad. For that reason, the state felt it was "inappropriate" to pursue the money, Tolvstad said, adding that U.S. Treasury officials agreed."

2. Story has some details about October 2011 report from Treasury on Oregon Program, saying it "dinged Oregon's underwriting as sub-par on several fronts. It also noted the agency wasn't doing criminal background checks on employees and lacked a process to report fraud to Treasury. "

3.  Says that Further Development has received $750,000 for 11 deals in pilot loan refinancing program. Reporting also appears to indicate that state will be looking to change the flat monthly fee structure in the Further contract, quoting Director Van Vliet: "If they [Further] can make this work, it could be huge. But I don't have the luxury of paying a flat fee." [My earlier post with Further contract is HERE].

4. There is an April 6th letter from Treasury to Oregon indicating that Treasury says there is more work to be done : "McArdle said Oregon's loan underwriting is still not up to par. State staffers persist in not determining that applicants meet all eligibility criteria". 

Originally created and posted on the Oregon Housing Blog.

Update/Correction: /Oregon Hardest Hit Spending Tops $83 Million; I Calculate 40% Used for Admin Cost and Cash on Hand.

Update/Correction: OHCS staff have provided updated information to me that indicates that admin expenses represent the minority, NOT the majority, of the "Admin Expenses and Cash On Hand" I reported on in my original post below.  OHCS has also provided a breakout of spending for non profits as part of their admin expense. 

Importantly, with just a little more than $16 million spent for admin through April, it now seems UNLIKELY to me that Oregon will need to request authority from Treasury to spend more than the $35.2 million already authorized for admin by Treasury. 

I have pasted below relevant information from OHCS before my original text, and have stricken text in my original post that does not accurately describe admin spending.

As of 05/01/12, actual OHSI expenditures are as follows:

Administrative Expenses: $16,045,779. This includes $6.21 million paid to non profits for their work on the Hardest Hit program.

Program Expenses (cumulative assistance provided):

MPA Program - $51,118,372

Loan Preservation Program (pilot) - $36,727

LRAPP (pilot) - $1,006,555

Total funds: $68,207,432
---------------------------------

(I have prepared a PDF table HERE that shows the data below with some additional breakouts; not shown is that the total Hardest Hit funding available for Oregon is $220 million).

Oregon Direct Assistance Spending Nearly $50 Million.

The latest Oregon Hardest Hit TARP spending report through March 31, 2012 from OHSI is HERE. It shows spending for direct assistance for three programs is now nearly $50 million [$49,876,870], helping 4,595 families. 

TARP Special Inspector Report Shows Oregon Total Draw Downs As of March 31, 2012 Of More than $83 million. 

A New TAPR Special Inspector General Quarterly Report to Congress is HERE. It shows [Pdf page 78] the "amount drawn down" by Oregon through March 31, 2012 was $83,501,070. 

My Calculation: Through March 31, 2012 Admin Expenses and Cash on Hand of More than $33.6 Million=40% of Amount Drawn Down to Date.

Subtracting the $49,876,870 in direct payments from the total funds drawn down leaves a total of $33,624,200 apparently drawn down for admin costs and for cash on hand. [There are usually tight advance draw down rules for federal programs] so I expect most of this is for admin costs].

Dividing that by the total amount drawn [$83,501,070] means that 40% of the total drawn down through March 31st was for admin expenses and for cash on hand.  

8th Amendment to Treasury Plan Show $35.2 Million Limit on Expenses.

Page 8 of the March 29, 2012 8th Amendment to the Oregon Hardest Hit Agreement with Treasury HERE shows a limit of $35,207,199 in Admin Expenses. With $33.6 million apparently already drawn down for admin expenses and cash on hand, this suggests that a further increase in admin expenses may be required in the future.

Originally created and posted on the Oregon Housing Blog.

OHCS/OHSI Before Two Oregon Legislative Committees this Week.

Legislative Audio web page that would allow you to listen live to these hearings is HERE (look for hearing room). 

Specifics on hearings from Legislative Committee Agenda website HERE:

Joint Ways and Means Subcommittee On Transportation and Economic Development
Date:  Wednesday-January 18
Time:  11:00 A.M.
Room: H-174
Rep. Read, Presiding Co-Chair
Work Session
3. Housing and Community Services Department - foreclosure counseling services
4. Housing and Community Services Department - Oregon Home Ownership Stabilization Initiative
Informational Meeting
Housing and Community Services Department - food assistance programs and needs


Senate, General Government, Consumer and Small Business Protection Committee
Date:  Thursday-January 19
Time:  8:00 A.M.
Room: HR C
Oregon Homeownership Stabilization Initiative
     - Margaret VanVliet, Director, Oregon Housing & Community Services
     - Michael Auman, Administrator, Homeownership Stabilization Initiative Division
     - Emily Reiman, Opportunity Works Manager, Neighborhood Economic Development
      Corp (NEDCO)
     - Adam Wagner, Homeowner & Participant in OHSI

Originally created and posted on the Oregon Housing Blog.

New GAO Report on TARP Costs Says Costs Down, Big CBO/Treasury Differences Exist about Housing Costs.

GAO report is HERE.  From the report: 

 In 2009, the Congressional Budget Office (CBO) estimated that TARP could cost $356 billion. However, CBO’s most recent estimate, using November 2011 data, is approximately $34 billion.

Treasury’s fiscal year 2011 financial statement, audited by GAO, reported that TARP would cost around $70 billion as of September 30, 2011, a decrease from about $78 billion estimated as of September 2010.

…. program participation assumptions for TARP-funded housing programs explain the large difference between the CBO and Treasury cost estimates.

Treasury assumed that all of the $45.6 billion allocated to TARP housing programs would be utilized and, as a result, estimated that they would cost $45.6 billion.

Conversely, CBO expected lower participation rates for the housing programs, resulting in a cost estimate of $13 billion as of November 2011

If you do the math you will see that:

1. Housing program costs represent 38% of projected TARP costs according to CBO and 65% according to Treasury.  
2. Treasury's estimated TARP housing program cost is 251% higher than the estimated CBO TARP housing program costs.

Originally created and posted on the Oregon Housing Blog.

Terms of Foreclosure Settlement with Attorney Generals Leaking Out.

Don't know if this is intended to dampen expectations or what but TIME has their take HERE; I have seen other stories indicating settlement will occur by end of year, which means this week.  

[ My estimate: If total settlement is $25 billion, and Oregon home buyers represent 1% of total universe , Oregon home buyers would receive $250 million, $30 million more than Hardest Hit fund].

Originally created and posted on the Oregon Housing Blog.

Hardest Hit Program Changes, Admin Expenses Up to $35 Million.

OHCS recently announced changes in the $220 million Oregon Hardest Hit program with a Director's Announcement HERE. 

I located the official 7th amendment to the Hardest Hit agreement with US Treasury HERE. 

Admin Expenses Have Move than Doubled

Last page of the 7th. amendment shows admin expenses of $35.107 million, 16% of $220 million Hardest Hit funding for Oregon. 

Second amendment to Treasury agreement HERE (page 8) had admin expenses at $15.585 million, 7.1% of Hardest Hit funding. This means that admin expense estimates have more than doubled since start of program.

Originally created and posted on the Oregon Housing Blog.

OHSI Hardest Hit Progams Rolling Out Today.

OHSI is rolling out new Hardest Hit programs and signing up more applicants for their mortgage payment assistance program.   

PDF of recent Power Point presented to Oregon legislative committee is HERE with more detail (including OHCS foreclosure related non HH programs) in PDF HERE.

I would look for announcements from OHSI/OHCS shortly.

Originally created and posted on the Oregon Housing Blog. 

Special Inspector General TARP Report Out: For Hardest Hit Spending, Oregon Does Very Well Relative to National Averages.

Report is HERE.

I have prepared two tables HERE using report data. 

The first table shows as of September 30, 2011 the amount of funds drawn compared to the amount available ("obligated") to each state. As title to table indicates, Oregon Ranks #1 in % of Obligated Funds Drawn Down, 3 Times National Average.

The second table shows the number of borrowers receiving assistance as of June 30, 2011 and the amount of the assistance provided as of that date. As title indicates, Oregon Accounted for Nearly 1 in 7 Borrowers Receiving Assistance Nationally AND Oregon Has Spent 1.1% of Its Funding Available to Assist Borrowers, Nearly Double National Average.

Originally created and posted on the Oregon Housing Blog.

Hardest Hit Slot Allocation Use by County As of September 30th.

From the OHSI Hardest Hit report through September 30th, I have created a table HERE that shows the useage of the mortgage payment assistance program compared to slots originally allocated to each county. 

Some observations as of Sept 30th:

1. Overall 77% of allocated slots have been awarded to approved applicants. 
2. In the 3 county Portland metro area slot usage is much higher at 216% [ Approved applicants were 1,247; original slot allocation was 477 slots].
3. Outside the Portland metro area only 59% of slots allocated were in use.
4. One of metro hardest hit counties had lower than statewide slot usage; Deschutes at 65%.

Originally created and posted on the Oregon Housing Blog.

Oregon Hardest Hit Data Out for 3rd Quarter: Cumulative Approval Rate Very Low.

The 2nd Oregon Hardest Hit performance report has been posted to the OHSI website HERE. It covers the quarter from July 1-September 30th and includes cumulative data for the Mortgage Payment Assistance Program. 

I haven't had a chance to analyze it in depth, and I expect OHSI will have a press release out soon with more perspective, but the one piece of data that caught my eye was on page 5.  

The data on that page shows that through September 30th. there were:

• A cumulative total of 18,735 unique applications
• 17,460 of those applications had actions completed,
• 3,846 applications had been approved,
• Another 1,275 applications had actions still pending at the end of September, and
• Of the 17,460 applications where action was completed, 13,614 were either withdraw or denied. That appears to mean that cumulatively 78% of applications where actions were completed [13,614/17,460] were withdrawn or denied and only 22% of completed actions to date [3,856 /17,460] were approvals.

Originally created and posted on the Oregon Housing Blog.

Monthly TARP Report Has No Data on Households Helped by Hardest Hit Programs, Only 7.1% of Available Funds Have Been Drawn Down by HFA's.

Hardest Hit Fund information is provided on page 15 of Treasury report HERE.

Unlike other TARP housing programs, no consolidated count of households helped is provided, likely because only $541 million [7.1%] of the $7.2 Billion allocated to the Hardest Hit program have been drawn down and at least some of that is likely overhead costs.

Originally created and posted on the Oregon Housing Blog.

B of A On Board for Prinicpal Reduction Hardest Hit Program in California.

Housing Wire story is HERE.  Will be interesting to see if B of A hops on Oregon's Hardest Hit Principal Reduction Program....

Originally created and posted on the Oregon Housing Blog.