Studies Show HAMP Promotes Strategic Default on Mortgages

Studies Show HAMP Promotes Strategic Default on Mortgages

Studies Show HAMP Promotes Strategic Default on Mortgages Posted on March 27, 2010 by Stout Law Firm The current state of the mortgage market is promoting owner-occupants to default, according to research released today, in an indication of the growing moral hazard behind government-led homeowner rescue programs claims an article in Housing Wire.

Strategic Mortgage Default: The Effect of Neighborhood Factors . Michael G. Bradley* Amy Crews Cutts and . Wei Liu . November 2013 . Abstract . This paper studies strategic default-the willingness of a borrower to walk away from a mortgage when the value of the home falls below the unpaid principal balance despite an ability to pay.

Mortgage Default in an Estimated Model of the U.S. Housing Market* Abstract: This paper models the housing sector, mortgages and endogenous default in a DSGE setting with nominal and real rigidities. We use data for the period 1981-2006 to estimate our model using Bayesian techniques.

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Mortgages serviced for Fannie Mae and Freddie mac (government-sponsored enterprises or GSE) made up 57.8 percent of the mortgages in this report. The percentage of these mortgages that were current and performing was 95.7 percent, an increase of 0.6 percent from the previous quarter and 2.3 percent from a year earlier (see table 10).

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Fannie Mae requirements, procedures, and documents for servicing mortgage loans from the time the mortgage loan becomes delinquent or default is deemed to be reasonably foreseeable (imminent) through the default management process.

Strategic default is rare. Less than 1 percent of households that had the ability to pay their mortgages were in default. The authors note several areas for future research, including a further examination of why households wrestling with unemployment and very limited funds continue to pay their mortgages.

What is more, even if you get a loan modification under HAMP, the "savings" from the modification still need to be paid back at some future time, such as upon the sale of the house, expiration of the loan term, etc. So your payments under HAMP are not really modified. They are deferred!

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