States' Serious Delinquency (Q309) vs.

HAMP Modifications (11/5/09)

Ranked by HAMP Impact
State
HAMP
Trial
Mods
Q309
Seriously
Delinquent
Loans
Percent
Ser. Del.
Loans
Modified
1 New Hampshire 3,003 11,217 26.77%
2 Rhode Island 3,058 11,699 26.14%
3 Maryland 21,634 87,799 24.64%
4 Arizona 34,424 143,244 24.03%
5 Massachusetts 14,677 61,846 23.73%
6 Connecticut 8,446 37,023 22.81%
7 Virginia 16,981 74,850 22.69%
8 Minnesota 12,933 57,517 22.49%
9 District of Columbia 1,177 5,614 20.97%
10 Oregon 7,560 36,070 20.96%
11 Delaware 2,184 10,494 20.81%
12 Utah 5,427 27,317 19.87%
13 California 134,609 680,769 19.77%
14 Washington 12,869 65,119 19.76%
15 Illinois 33,514 172,877 19.39%
16 Hawaii 2,331 12,201 19.11%
17 Montana 897 4,758 18.85%
18 New Jersey 22,102 118,547 18.64%
19 Nevada 17,566 94,803 18.53%
20 New York 28,773 157,785 18.24%
21 Georgia 25,675 142,694 17.99%
22 Colorado 9,657 54,763 17.63%
23 North Carolina 13,654 79,839 17.10%
24 Vermont 494 2,929 16.87%
25 Missouri 8,105 48,746 16.63%
26 Maine 1,766 10,631 16.61%
27 Wisconsin 6,679 41,276 16.18%
28 New Mexico 2,268 14,051 16.14%
29 Pennsylvania 15,223 95,036 16.02%
30 West Virginia 1,180 7,431 15.88%
31 South Carolina 7,194 46,079 15.61%
32 Wyoming 352 2,286 15.40%
33 Alaska 431 2,823 15.27%
34 Michigan 22,031 146,040 15.09%
35 Idaho 2,660 17,699 15.03%
36 Tennessee 7,712 55,972 13.78%
37 Mississippi 2,774 20,645 13.44%
38 Nebraska 1,110 8,622 12.87%
39 Texas 21,260 165,261 12.86%
40 Alabama 4,651 36,563 12.72%
41 Florida 82,614 651,766 12.68%
42 Louisiana 4,061 32,321 12.56%
43 South Dakota 324 2,611 12.41%
44 Kansas 2,006 16,286 12.32%
45 North Dakota 170 1,390 12.23%
46 Arkansas 1,850 15,433 11.99%
47 Iowa 2,095 17,998 11.64%
48 Ohio 14,132 133,467 10.59%
49 Kentucky 2,928 28,151 10.40%
50 Indiana 7,449 75,480 9.87%
51 Oklahoma 2,022 23,159 8.73%
Sources: MBA, Q309 National Delinquency Survey;
Making Home Affordable Program
"Servicer Performance Report Through October 2009"
Prepared by: Cuyahoga County Foreclosure
Prevention Program
HAMP and Ohio
This table combines two nationally aggregated data
sets in an effort to measure the relative
effectiveness of the HAMP mortgage modification
program in each state. What the table
demonstrates is that there is a huge disparity
between the states in how well HAMP is working to
ameliorate the foreclosure crisis. In the most
successful state, New Hampshire (26.77%), the
HAMP program has been more than three times as
effective than in the lowest performing state,
Oklahoma (8.73%).
Ohio (10.59%) ranks 48th among the 50 states and
the District of Columbia.
The column HAMP Trial Mods lists the state-
level breakouts for active trial and permanent loan
modifications through November 5, under the
Home Affordable Modification Program (HAMP).
These numbers are taken from the recently
released Servicer Performance Report prepared
by the Treasury Department.
The column Q309 Seriously Delinquent Loans
breaks out the number of loans that are 90 days or
more delinquent and the foreclosure inventory, by
state, as aggregated in the most recent National
Delinquency Survey, the benchmark report released
every quarter since 1979 by the Mortgage Bankers
Association. This is a generally accepted
standardized measure of loans that are in serious
trouble, but not yet legally forfeited---the most
likely and urgent candidates for HAMP intervention.
Finally, Percent Ser. Del. Loans Modified
reports the ratio of HAMP trial modifications over
seriously delinquent loans. The higher the resulting
percentage, the higher the proportion of troubled
loans that have been (temporarily) addressed by
the HAMP program. That there are such huge
disparities between the various states argues for a
complete revamping of the HAMP program as it
clearly fails to meet the needs of some of the most
severely foreclosure-afflicted states.
We feel that this table demonstrates that so long as
the success of HAMP relies primarily upon the
discretionary efforts of the mortgage servicing
industry and ducks the crucial issue of loan
principal reduction, it will continue to fail the states
in greatest need.