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Mortgage Market Update September 17, 2010 – Raleigh, NC

Mortgage Market Update September 17, 2010 – Raleigh, NC 2010 North Carolina Affordable Housing Conference Keith Ernst. June 2010 Snapshot. 54.2 million first lien loans outstanding. Note: All sources on last slide. Loans 2+ Payments Behind. Foreclosures. NC Foreclosures.

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Mortgage Market Update September 17, 2010 – Raleigh, NC

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  1. Mortgage Market Update September 17, 2010 – Raleigh, NC 2010 North Carolina Affordable Housing Conference Keith Ernst

  2. June 2010 Snapshot 54.2 million first lien loans outstanding Note: All sources on last slide

  3. Loans 2+ Payments Behind

  4. Foreclosures

  5. NC Foreclosures Note: 2010 annualized from August foreclosure data and 2009 unit count

  6. NC Foreclosures by Region Note: 2010 annualized from August foreclosure data and 2009 unit count

  7. Foreclosure Expectations,for Loans Made in 2006

  8. Limited Numbers of Modifications • 398,000 HAMP modifications completed • 1.3 million non-HAMP modifications reported by HOPE NOW in last year • 5.7 million mortgages presently 2 or more payments behind

  9. Concessionary Mods Starting

  10. Payment Reduction Matters

  11. Housing Prices

  12. Sales Drop

  13. Access to Credit

  14. Foreclosed and Distressed (60+) as Proportion of 2006 Homeowners

  15. Sources • LPS Mortgage Monitor (July 2010): Slide 2 • Mortgage Banker’s Association, National Delinquency Survey: Slides 3, 4 • S.M. Sherlund, “Mortgage Defaults”, Federal Reserve (3/8/2010): Slide 4 • D.B. Bocian, W. Li, K.S. Ernst. “Foreclosures by Race and Ethnicity: The Demographics of a Crisis”, Center for Responsible Lending (6/18/2010): Slides 4, 14 • NC AOC, Slides 5 & 6. • US Census, HU-EST-2009-04-37 (2010), Slides 5 & 6 • Fitch Ratings RMBS Loss Metrics (Last Updated Aug. 2010): Slide 5 • OCC/OTS Mortgage Metrics Report: Slides 9, 10 • FHFA Housing Price Index, Slide 11 • National Association of Realtors, Existing Home Sales, Slide 12 • Fannie Mae, SEC Filings, Slide 13

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