DOCSLIB.ORG

Making Home Affordable

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Making Home Affordable Making Home Affordable Program Performance Report Through February 2014 Report Highlights Nearly 2 Million Homeowner Assistance Actions Taken through Making Home Affordable Inside: • More than 1.3 million homeowners have received a permanent modification through SUMMARY AND PROGRAM RESULTS: the Home Affordable Modification Program (HAMP). Homeowners have reduced their first lien mortgage payments by a median of approximately $543 each month – almost Making Home Affordable Program Summary 2 40% of their median before-modification payment – saving a total estimated $26.1 HAMP Summary 3 billion to date in monthly mortgage payments. PRA, Treasury FHA-HAMP and UP Summary 4 • Homeowners currently in HAMP permanent modifications with some form of principal HAFA and 2MP Summary 5 reduction have been granted an estimated $13.5 billion in principal reduction. Of all Featured Program Results: 2MP 6 non-Government Sponsored Enterprise (GSE) loans eligible for principal reduction HAMP Modification Characteristics 7 entering HAMP in February, 62% included a principal reduction feature. HAMP Activity by State and MSA 8 • Nearly 273,000 homeowners have exited their homes through a short sale or deed-in- Homeowner Outreach 9 lieu of foreclosure with assistance from the Home Affordable Foreclosure Alternatives Program (HAFA). SERVICER RESULTS: This Month’s Feature: The Second Lien Modification Program (2MP) HAMP, PRA, 2MP, and HAFA Activity 10 • Nearly 130,000 second lien modifications have been started through the Second Lien HAMP Modification Activity 11 Modification Program (2MP). Outreach to 60+ Day Delinquent Homeowners 12 • Homeowners in 2MP with an active permanent modification save a median of $152 per Average Delinquency at Trial Start 13 month on their second mortgage, resulting in a median total first and second lien Conversion Rate 14 monthly payment reduction of $784, or 42% of their median before-modification Disposition of Homeowners Not in HAMP 15 payment. Homeowners who receive a full extinguishment of their second lien receive a median total first and second lien monthly payment reduction of $1,047, or 53% of APPENDICES: their before-modification payment. Terms and Methodology 16 Program Notes 17 End Notes 18 Participants in MHA Programs 19-20 Note: For information and quarterly updates about the Hardest Hit Fund, please visit the website for the Hardest Hit Fund or the TARP Monthly Report to Congress. Making Home Affordable: Summary Results Program Performance Report Through February 2014 Making Home Affordable Program Activity The Making Home Affordable Program was launched in March 2009 with the Home Affordable Modification Program (HAMP), which provides assistance to struggling homeowners by lowering monthly first lien mortgage payments to an affordable level. Additional programs were subsequently rolled out to expand the program’s reach. In total, the MHA program has completed nearly 2 million first and second lien permanent modifications, HAFA transactions, and UP forbearance plans. Reported Since Prior Program-to-Date Program Purpose Period MHA First Lien Permanent Modifications MHA First Lien The Home Affordable Modification Program (HAMP) 1,555,377 19,324 Started* Modifications provides eligible borrowers the opportunity to lower their first lien mortgage payment to affordable and sustainable 2MP Modifications Started 129,674 3,127 levels through a uniform loan modification process. Effective June 2012, HAMP's eligibility requirements were HAFA Transactions Completed 272,933 6,386 expanded to include a "Tier 2" evaluation for non-GSE UP Forbearance Plans Started (through loans that is modeled after the GSE Standard Modification 38,652 207 January 2014) and includes properties that are currently occupied by a tenant as well as vacant properties the borrower intends Cumulative Activity1 1,996,636 29,044 to rent. FHA-HAMP and RD-HAMP provide first lien modifications for distressed borrowers in loans *Program-to-Date Total Includes : guaranteed through the Federal Housing Administration • 1,339,742 GSE and Non-GSE HAMP permanent modifications and Rural Housing Service. • 29,097 FHA- and RD-HAMP modifications • 186,538 GSE Standard Modifications since October 2011 under the GSEs’ Second Lien Provides modifications and extinguishments on second Servicer Alignment Initiative Modification Program liens when there has been an eligible first lien (2MP) modification on the same property. MHA Program Activity Home Affordable Provides transition alternatives to foreclosure in the form Cumulative Transactions Completed Foreclosure of a short sale or deed-in-lieu of foreclosure. Effective 2,200 Alternatives (HAFA) November 2012, the GSEs jointly streamlined their short 1,968 1,997 1,900 1,935 sale and deed-in-lieu of foreclosure programs. The GSE 2,000 1,864 1,826 1,791 Standard HAFA program is closely aligned with Treasury’s 1,740 1,703 1,800 1,665 1,624 MHA HAFA program. A short sale requires a third-party 1,588 1,600 1,515 1,550 purchaser and cooperation of junior lienholders and mortgage insurers to complete the transaction. 1,400 1,200 Unemployment Provides temporary forbearance of mortgage principal to Program (UP) enable unemployed borrowers to look for a new job 1,000 without fear of foreclosure. Cumulative MHA Activity (000s) 800 Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb See Appendix for Terms and Methodology, Program Notes, End Notes and additional 2013 2014 information on servicer participants in Making Home Affordable programs. Source: HAMP system of record for HAMP, 2MP, HAFA, FHA-HAMP, and RD-HAMP. UP participation is reported via servicer survey. GSE Standard Modification and GSE Standard HAFA data provided by Fannie Mae and Freddie Mac. 2 Making Home Affordable: Summary Results Program Performance Report Through February 2014 HAMP (First Lien) Modifications HAMP Activity Through February 2014 Total HAMP Trials Started All Trials Started 2,173,922 Tier 1 2,110,019 2,200 50 2,174 Tier 2 63,903 Cumulative Trial Starts (Left Axis) 2,165 2,156 45 Trial 2,143 2 2,150 Monthly Trial Starts (Right Axis) Modifications Trials Reported Since Last Report 10,184 2,129 2,116 40 Active Trials 50,798 2,103 2,100 2,088 35 2,071 Trial Modifications Cancelled since Verified Income 80,334 2,055 Requirement* 30 2,050 2,034 25 All Permanent Modifications Started 1,339,742 2,016 1,999 2,000 1,984 20 Tier 1 1,295,670 All TrialsAll Started (000s) 15 Tier 2 44,072 1,950 TrialsNew Started (000s) Permanent Modifications 10 Permanent Modifications Reported Since Last Report 12,455 1,900 5 ** Permanent Modifications Disqualified (Cumulative) 375,071 1,850 0 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Active Permanent Modifications 939,008 2013 2014 * When Treasury first launched HAMP in the spring of 2009, servicers were not required to verify a borrower’s Servicers may enter new trial modifications into the HAMP system of record at any time. For example, 10,184 trials income prior to commencing a trial modification. This was the policy because of the severity of the crisis, the have entered the HAMP system of record since the prior report; 8,523 were trials with a first payment recorded this number of homeowners already in default, and the fact that servicers had not yet built the systems to fully month. implement the program. However, this resulted in many trials being cancelled once income was verified. Treasury required all servicers to verify a borrower’s income as of June 2010, which substantially lowered trial cancelations. Prior to that date, 703,048 trials were cancelled, for a cumulative of 783,382. HAMP Permanent Modifications Started (Cumulative) ** Does not include 25,663 loans paid off. 1,400 1,327 1,340 Estimated Eligible Loans and Borrowers 1,298 1,312 1,300 1,269 1,285 1,237 1,256 1,223 Under the original HAMP program, launched in March 2009, now referred to as “Tier 1,” eligible 1,206 1,179 1,191 loans include conventional loans more than 60 days delinquent (unless the borrower is in 1,200 1,151 1,167 imminent default), that originated on or before January 1, 2009 with a current unpaid principal 1,100 balance below the maximum conforming loan limit and were owner-occupied at origination. Homeowners who have HAMP-eligible loans may qualify for Tier 1 if they meet additional criteria 1,000 including, but not limited to requiring: a debt-to-income ratio greater than 31%, occupancy, (000s) employment, and pooling and servicing agreement eligibility. Based on current estimates, of the 3 900 million homeowners who are currently 60+ days delinquent, an estimated 500,000 homeowners 800 are potentially eligible for HAMP Tier 1. 700 On January 27, 2012, Treasury announced an expansion of the eligibility for HAMP to reduce PermanentAll Modifications Started additional foreclosures and help stabilize neighborhoods. The eligibility was expanded for non-GSE 600 loans to (1) allow for more flexible debt-to-income criteria and (2) include properties that are Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb currently occupied by a tenant, as well as vacant properties which the borrower intends to rent. 2013 2014 This expanded HAMP criteria, referred to as HAMP “Tier 2,” became effective on June 1, 2012 3 (although not all servicers began offering Tier 2 modifications on that date). Making Home Affordable: Summary Results Program Performance Report Through February 2014 HAMP Principal Reduction Activity Servicers of non-GSE loans are required to evaluate the benefit of principal reduction under the HAMP Principal Reduction Alternative (PRA) for mortgages with a loan-to-value (LTV) ratio greater than 115% when evaluating a homeowner for a HAMP first lien modification. While servicers are required to evaluate homeowners for principal reduction, they are not required to reduce principal as part of the modification.
Load more

Recommended publications
  • Special Declarant Rights and Obligations Following Mortgage Foreclosure on Condominium Developments
    William & Mary Law Review Volume 25 (1983-1984) Issue 3 Article 4 April 1983 Special Declarant Rights and Obligations Following Mortgage Foreclosure on Condominium Developments Carol Jane Brown Follow this and additional works at: https://scholarship.law.wm.edu/wmlr Part of the Property Law and Real Estate Commons Repository Citation Carol Jane Brown, Special Declarant Rights and Obligations Following Mortgage Foreclosure on Condominium Developments, 25 Wm. & Mary L. Rev. 463 (1983), https://scholarship.law.wm.edu/wmlr/vol25/iss3/4 Copyright c 1983 by the authors. This article is brought to you by the William & Mary Law School Scholarship Repository. https://scholarship.law.wm.edu/wmlr NOTES SPECIAL DECLARANT RIGHTS AND OBLIGATIONS FOLLOWING MORTGAGE FORECLOSURE ON CONDOMINIUM DEVELOPMENTS Condominium sales have slowed in recent years after experienc- ing sustained growth in the 1960's and early 1970's.1 This decline apparently has caused construction lenders to foreclose more fre- 2 quently on the mortgages of uncompleted condominium projects, raising issues over the nature and extent of special declarant rights and obligations. A declarant is the creator, promoter, marketer, or developer of a condominium project.3 The declarant records a master deed, or declaration, identifying the rights and obligations of the declarant.4 "Declarant" also may include the original declarant's successors in interest,5 who usually must perform the obligations of the original declarant. If the successor in interest is a mortgagee or a secured party, however, the successor may not incur the original declar- ant's obligations unless the successor also has exercised special de- clarant rights.8 The Uniform Condominium Act's definition of special declarant rights "seeks to isolate those [ownership and development] rights reserved for the benefit of a declarant which are unique to the de- clarant and not shared in common with other unit owners."'7 These rights allow the declarant to manage and control the condominium 1.
    [Show full text]
  • Housing Needs Assessment City of North Adams, Massachusetts
    Housing Needs Assessment City of North Adams, Massachusetts Funding for this document provided through: The FY2020 District Local Technical Assistance Program administered by: Berkshire Regional Planning Commission (BRPC) 2 Contents 1. EXECUTIVE SUMMARY .......................................................................................................................................................... 3 1.1 Background and Purpose ................................................................................................................................................ 3 1.2 Summary of Key Demographics & Findings ............................................................................................................... 3 1.3 Summary of Recommendations ....................................................................................................................................... 4 1.4 Methodology ............................................................................................................................................................................. 6 2. Demographics ...................................................................................................................................................................... 7 2.1 Population ................................................................................................................................................................................. 7 2.2 Race .............................................................................................................................................................................................
    [Show full text]
  • The Micromortgage Marketplace Demonstration Project Building a Framework for Viable Small-Dollar Mortgage Lending
    HOUSING FINANCE POLICY CENTER The MicroMortgage Marketplace Demonstration Project Building a Framework for Viable Small-Dollar Mortgage Lending Alanna McCargo and Linna Zhu URBAN INSTITUTE Sarah Strochak NEW YORK UNIVERSITY Rita Ballesteros RAB ASSOCIATES December 2020 Housing affordability is a major barrier to homeownership for low- and middle-income (LMI) renters. Across the United States, many communities have affordable, low-cost properties in urban, suburban, and rural areas. Financing for this affordable housing, however, is replete with challenges. Access to small-dollar mortgages is not readily available, forcing buyers to turn to cash, land contracts, or personal unsecured (chattel) loans, and providing advantages for speculative non–owner occupants. Recent tightening of mortgage credit has made it harder to obtain small-dollar mortgages. And long-standing segregation, disinvestment, and redlining have increased barriers to homeownership in neighborhoods of color that have low-cost housing stock. The most affordable homes for sale around the country lack financing options and are out of reach to renter households seeking affordability, stability, and wealth- building opportunities. Research has documented the lack of small-dollar mortgage availability (McCargo et al. 2018), providing evidence that homes mortgaged for $70,000 or less (or that are sold for less than $85,000) are not as likely to be financed with mortgages as higher-price homes. In fact, research shows that only one in four low-cost homes sold was likely to be financed with a mortgage. In this brief, we define small- dollar properties as those priced below $100,000, given market appreciation and our market focus in Louisville, Kentucky, and its surrounding metropolitan statistical areas (MSAs).
    [Show full text]
  • Home Affordable Modification Program (HAMP), Which Is One Option Under the Government’S Making Home Affordable Program
    Making Home Affordable Program and Home Affordable Modification Program Frequently Asked Questions for Bankruptcy Filers Q1. What do these FAQs cover? These FAQs provide information on the Home Affordable Modification Program (HAMP), which is one option under the government’s Making Home Affordable Program. These FAQs are designed primarily for homeowners who have filed bankruptcy or are considering filing bankruptcy. For detailed information on HAMP and other options under the Making Home Affordable Program, including an extensive list of Frequently Asked Questions, please visit www.MakingHomeAffordable.gov. Q2. What is the Making Home Affordable Program, and what is HAMP? The Making Home Affordable Program is a critical part of the government’s effort to stabilize the housing market and help struggling homeowners get relief and avoid foreclosure. HAMP helps homeowners who are struggling to keep their loans current or who are already behind on their mortgage payments. By providing mortgage loan servicers with financial incentives to modify existing first lien mortgages, the Treasury hopes to help homeowners avoid foreclosure regardless of who owns or guarantees the mortgage. The Making Home Affordable Program includes the following programs: Home Affordable Refinance Program (HARP) Home Affordable Modification Program (HAMP) . Principal Reduction Alternative (PRA) . Home Affordable Unemployment Program (UP) Second Lien Modification Program (2MP) Home Affordable Foreclosure Alternatives (HAFA) Options for government‐insured mortgages: FHA‐HAMP, VA‐HAMP, USDA‐HAMP For more information about these programs please visit www.MakingHomeAffordable.gov. Q3. Who is eligible for a loan modification under HAMP? To be eligible for a loan modification under HAMP, you must: Be the owner‐occupant of a one‐ to four‐unit home.
    [Show full text]
  • Foreclosure Recovery: the Work That Remains Paul Staley Self-Help Foreclosure Recovery and Asset Building Project
    Community Development INVESTMENT REVIEW 81 Foreclosure Recovery: The Work That Remains Paul Staley Self-Help Foreclosure Recovery and Asset Building Project he house on 40th Street in Richmond, California, was just one of millions of homes that were lost during the foreclosure crisis. The husband got sick and the couple fell behind on their payments. He died and the bank foreclosed. Right around the same time, the Gomez family (not their real name) moved from TTexas to San Francisco, where they, along with their two sons, moved into a one-room base- ment apartment with no kitchen and only a shared bathroom. Both husband and wife were employed as janitors and they set about shopping for a house to buy. They looked and made offers, over and over again, but they never succeeded in getting to the contract stage. By their estimation, they made more than 40 unsuccessful offers during 2011 and 2012. Time and again they were told that they had lost to an all-cash offer from an investor. They were about to give up when their agent came across a listing for the house on 40th Street. It had been purchased and remodeled as part of the Foreclosure Recovery and Asset Building Project, an effort created and funded by the East Bay Community Foun- dation and managed by the Self-Help Community Development Corporation, for which I serve as Project Manager. The program provides homeownership opportunities to low- and moderate-income families by buying, fixing and re-selling foreclosed homes.1 Their offer was one of 25 submitted.
    [Show full text]
  • Tenant's Rights in Foreclosure
    Tenant Rights When Your Landlord Has Been Foreclosed On This pamphlet explains your rights and obligations as a tenant when your landlord is foreclosed on and a new owner buys the rental property at a sheriff’s sale. What is foreclosure? Foreclosure is the legal process a bank uses to repossess property. The bank sues the landlord, gets a court decision that allows it to sell the property and use the money from the sale to pay off the mortgage. This process usually takes several months. Before the Property Has been Sold How soon will I have to move? If the new owner wants you to move, the owner How will I know if my landlord is in foreclosure? must give you a notice telling you that you will have You may you get mail addressed to “John Doe, to move no sooner than 90 days from the date of the Tenant” when the foreclosure is filed. But you also notice. may not know anything about the foreclosure until the new owner notifies you that the property has How do I qualify for a 90-day notice? been sold. You must have been a “bona fide” (genuine) tenant, either with a lease or as a month-to month tenant. Do I still owe rent while the foreclosure case is going on? • You can’t be the former owner, a member of the Yes. Nothing changes until after the property has owner’s family, or someone who is just squatting been sold. Your landlord is still responsible for in the home.
    [Show full text]
  • GAO-21-39, TROUBLED ASSET RELIEF PROGRAM: Treasury
    United States Government Accountability Office Report to Congressional Committees December 2020 TROUBLED ASSET RELIEF PROGRAM Treasury Continues Winding Down Housing Programs GAO-21-39 December 2020 TROUBLED ASSET RELIEF PROGRAM Treasury Continues Winding Down Housing Programs Highlights of GAO-21-39, a report to congressional committees Why GAO Did This Study What GAO Found In response to the 2008 housing crisis, The Department of the Treasury (Treasury) continues to wind down housing Treasury established TARP-funded assistance programs funded by the Troubled Asset Relief Program (TARP). housing programs to help struggling Treasury has extended one program to assist certain program participants who homeowners avoid foreclosure and have been affected by the COVID-19 pandemic, although limited program funds preserve homeownership. Since 2009, remain at this point. As of September 30, 2020, Treasury had disbursed $30.85 Treasury has obligated $32.56 billion billion (95 percent) of the $32.56 billion TARP funds obligated to the three for such housing programs. The housing programs (see figure). Emergency Economic Stabilization Act of 2008 provided GAO with broad • The Making Home Affordable program allowed homeowners to apply for loan oversight authorities for actions taken related to TARP. modifications to avoid foreclosure. Treasury will continue to provide incentive payments for loan modifications through 2023. This report provides an update on the status of TARP-funded housing • The Housing Finance Agency Innovation Fund for the Hardest Hit Housing programs, as of September 30, 2020. Markets provided funds to 18 states and the District of Columbia to help GAO reviewed Treasury program data struggling homeowners through programs tailored to the state.
    [Show full text]
  • Real Estate Law the American Dream Transfigured Into the American Mortgage Crisis
    University of Central Florida STARS HIM 1990-2015 2012 Real estate law the American dream transfigured into the American mortgage crisis Maricruz Aguiar University of Central Florida Part of the Legal Studies Commons Find similar works at: https://stars.library.ucf.edu/honorstheses1990-2015 University of Central Florida Libraries http://library.ucf.edu This Open Access is brought to you for free and open access by STARS. It has been accepted for inclusion in HIM 1990-2015 by an authorized administrator of STARS. For more information, please contact [email protected]. Recommended Citation Aguiar, Maricruz, "Real estate law the American dream transfigured into the American mortgage crisis" (2012). HIM 1990-2015. 1243. https://stars.library.ucf.edu/honorstheses1990-2015/1243 REAL ESTATE LAW: THE AMERICAN DREAM TRANSFIGURED INTO THE AMERICAN MORTGAGE CRISIS by MARYCRUZ AGUIAR A thesis submitted in partial fulfillment of the requirements for the Honors in the Major Program in Legal Studies in the College of Health and Public Affairs and in The Burnett Honors College at the University of Central Florida Orlando, Florida Spring Term 2012 Thesis Chair: Dr. Gina Naccarato-Fromang ABSTRACT Real Estate law is the body of rules and regulations with legal codes that concern ownership, development and transactions. Real Estate has grown to be one of the main contributors to the nation’s financial system. For decades, the housing market has been such an integral part of the economy. Unfortunately, in the beginning of the twenty-first century lax regulatory oversight led the nation to an economic collapse. Indeed, federal, state and local governments have become heavily involved in solving the downward spiral in the economy.
    [Show full text]
  • Davidson Nolan
    DEEDS IN LIEU OF FORECLOSURE Steven R. Davidson and John M. Nolan When the Lender and the Borrower have concluded that a loan modification is not going to work and that it is time for the Borrower to relinquish its ownership interest in a property serving as collateral for a loan (the “Property”), each party must evaluate the pros and cons of the different ways in which the transfer can be accomplished. This article will focus primarily on the use of a deed in lieu of foreclosure for the Lender to acquire title to the Property, but will also explore other alternatives. Both a deed in lieu and some of the other alternatives discussed require the Borrower and the Lender to mutually agree on the course of action and associated documents. Of course, if the Borrower and the Lender cannot come to a mutual agreement on how to proceed, the Lender is left with enforcement of its remedies pursuant to the Loan Documents. 1. Advantages of a Deed in Lieu for the Lender Since both parties must agree to a deed in lieu transaction, there have to be perceived benefits to both the Borrower and the Lender when compared to the other alternatives. Here are some of the considerations which may contribute to a Lender deciding it wants to accept a deed in lieu of foreclosure. (While it is fairly common for a Lender to set up a new special purpose entity to take title to the Property, for ease of reference this Article will refer to the Lender taking title regardless of whether it is actually the same legal entity that made the Loan or a wholly owned subsidiary set up just to hold title to the Property.) A.
    [Show full text]
  • Snapshot of a Foreclosure Crisis
    Snapshot of a Foreclosure Crisis 15 Fast Facts 1 in 9 1. Number of foreclosures initiated since 2007: 6.6 million homeowners: 2. Projected foreclosures during next 5 years: Up to 12 million at least two payments 3. Portion of all homeowners seriously delinquent on their mortgage: 1 in 9 behind on their 4. Portion of homes where owners owe more than property value: Nearly 1 in 4 mortgage. 5. Drop in residential lending in 2008 from 2007: Over a trillion dollars 6. Between 2006 and 2008, decline in existing home sales: 24% 61% of borrowers 7. Between 2006 and 2008, decline in new home sales: 54% receiving 8. Between 2006 and 2008, decline in new home construction: 58% subprime 9. In 2009, number of neighboring homes estimated to have lost property loans in 2006 could have value because of nearby foreclosures: 69+ million qualified for 10. Average price decline per home (2009): $7,200 better loans. 11. Estimated property value lost because of nearby foreclosures (2009): $502 billion Total property 12. Share of 2006 subprime loans that went to people who could have qualified for loans with better terms: 61% value lost in 2009 because 13. Typical rate difference between a 30-year, fixed mortgage and the initial of nearby rate of a subprime adjustable-rate mortgage: less than 1% foreclosures: $502 billion. 14. Cumulative default rate for subprime borrowers with a similar risk profile to borrowers with lower-rate loans: More than 3x higher 15. During first 4 years, typical extra cost paid by subprime borrowers who got a loan from a mortgage broker, compared to other similar borrowers: $5,222 © 2010 Center for Responsible Lending www.responsiblelending.org Sources 1.
    [Show full text]
  • Freddie Mac 2013 AHAR
    ANNUAL HOUSING ACTIVITIES REPORT FOR 2013 FEDERAL HOME LOAN MORTGAGE CORPORATION MARCH 12, 2014 Introduction Pursuant to section 307(f) of the Federal Home Loan Mortgage Corporation Act, as amended, 12 U.S.C. § 1456(f), the Federal Home Loan Mortgage Corporation (Freddie Mac) must submit annually to the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on Financial Services of the House of Representatives and the Federal Housing Finance Agency (FHFA) a report on its activities under subpart B of part 2 of subtitle A of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended, 12 U.S.C. §§ 4561 et seq. The following constitutes Freddie Macʹs 2013 Annual Housing Activities Report to Congress and FHFA under section 307(f) and the regulation at 24 C.F.R. 1282.63.1 A. Information Required Under § 307(f)(2)(A) § 307(f)(2)(A) requires that this report include, in aggregate form and by appropriate category, statements of the dollar volume and number of mortgages on owner‐occupied and rental properties purchased which relate to each of the annual housing goals established under such subpart. In 2013, Freddie Mac purchased more than 1.8 million mortgages on single‐family owner‐ occupied properties, and more than 1,400 mortgages on multifamily properties.2 Exhibit A‐1 summarizes our performance for the single‐family affordable housing goals, listing for each affordable housing goal the regulatory benchmark, our performance against the benchmark in 2013, the dollar volume of goal‐qualifying mortgages that Freddie Mac purchased in 2013, and the number of goal‐qualifying mortgages.
    [Show full text]
  • Without Due Process of Law: Deprivation and Gentrification In
    Public Interest Law Reporter Volume 9 Article 10 Issue 3 Fall 2004 2004 Without Due Process of Law: Deprivation and Gentrification in Chicago Kelli Dudley Supervising Attorney of the Chancery Advice Desk, Circuit Court of Cook County, Chicago, IL Follow this and additional works at: http://lawecommons.luc.edu/pilr Part of the Civil Rights and Discrimination Commons, and the Housing Law Commons Recommended Citation Kelli Dudley, Without Due Process of Law: Deprivation and Gentrification in Chicago, 9 Pub. Interest L. Rptr. 11 (2004). Available at: http://lawecommons.luc.edu/pilr/vol9/iss3/10 This Feature is brought to you for free and open access by LAW eCommons. It has been accepted for inclusion in Public Interest Law Reporter by an authorized administrator of LAW eCommons. For more information, please contact [email protected]. Dudley: Without Due Process of Law: Deprivation and Gentrification in Chi FEATURES Without Due Process of Law: Deprivation and Gentrification in Chicago By Kelli Dudley* . Introduction: From Currency Exchanges 11. Displacement of Neighborhood Residents to Starbucks The impact of gentrification on affordable Chicago is an aggressively changing city. housing is borne out by economic analysis. One Chicago has long been known as the "city that example is the transformation works." However, at least of of the Chicago late, Chicagoans also Housing Authority's Cabrini-Green development shop, guzzle Starbucks lattes, into and enjoy gastro- a "mixed income" model as the area nomical delights that surround- at a pace similar to that of residents ed Cabrini-Green gentrified.7 of other world-class cities. At its height, the Cabrini Green public hous- Despite the rapid growth enjoyed by many ing development on Chicago's near north side had Chicago neighborhoods, some see the latte cup as 3,591 units in 55 high-rise, low-rise and townhouse half-empty.
    [Show full text]