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02/19/2009
News / Support Under the Homeowner Affordability and Stability Plan: Three CasesSupport Under the Homeowner Affordability and Stability Plan: Three CasesFamily A: Access to Refinancing In 2006: Family A took a 30-year fixed rate mortgage of $207,000 on a house worth $260,000 at the time. (The family put just over 20% down.) They received a Fannie Mae conforming loan with an interest rate of 6.50%. Today: Family A has about $200,000 remaining on their mortgage but their home value has fallen 15 percent to $221,000. o Their “loan-to-value” ratio is now 90%, making them ineligible for a Fannie Mae refinancing. Under the Refinancing Plan: Family A can refinance to a rate of 5.16%. This would reduce their annual payments by nearly $2,350. Existing Mortgage Refinancing Balance $199,584 $203,575 Remaining Years 27 30 Interest Rate 6.50% 5.16% Monthly Payment $1,308 $1,113 Savings $196 per month, $2,347 per year Family B: Access to Refinancing In 2006: Family B took a 30-year fixed rate mortgage of $350,000 on a house worth $475,000 at the time. (The family put just over 26% down.) They received a Fannie Mae conforming loan with an interest rate of 6.50%. Today: Family B has about $337,460 remaining on their mortgage but their home value has fallen to $400,000. o Their “loan-to-value” ratio is now 84%, making them ineligible for a Fannie Mae refinancing. Under the Refinancing Plan: Family B can refinance to a rate of 5.16%. This would reduce their annual payments by nearly $4,000. Existing Mortgage Refinancing Balance $337,460 $344,210 Remaining Years 27 30 Interest Rate 6.50% 5.16% Monthly Payment $2,212 $1,882 Savings $331 per month, $3,968 per year Family C: Eligible for Homeowner Stability Initiative In 2006: Family C took out a 30-year subprime mortgage of $220,000, on a house worth $230,000 at the time (they put less than 5% down). Their mortgage broker – Mom & Pop Mortgage – sold their loan to Investment Bank. The interest rate on their mortgage is 7.5%. Today: Family C has $214,016 remaining on their mortgage but their home value has fallen -18% to $189,000. Also, in November, one parent in Family C was moved from full-time to part-time work, causing a significant negative shock to their income. o Their loan is now 113% the value of their home, making them “underwater” and unable to sell their house. o Meanwhile, their monthly mortgage payment is $1,538 and their monthly income has fallen to $3,650, meaning the ratio of their monthly mortgage debt to income is 42%. Under the Homeowner Stability Initiative: Family C can get a government sponsored modification that – for five years – will reduce their mortgage payment by $406 a month. After those five years, Family C’s mortgage payment will adjust upward at a moderate, phased-in level. Existing Mortgage Loan Modification Balance $213,431 $213,431 Remaining Years 27 27 Interest Rate 7.50% 4.42% Monthly Payment $1,538 $1,132 Savings: $406 per month, $4,870 per year Homeowner Stability Initiative: How the Program Works for the Lender, Government and Borrower First, Investment Bank (working through a mortgage servicer) reduces the interest rate so that the Family C’s monthly debt-to-income ratio drops from 42% to 38%. This means that Investment Bank must reduce the interest rate from 7.50% to 6.38%, bringing down Family C’s monthly payment from $1,538 to $1,387. Second, the government and Investment Bank share the cost of further reducing the interest rate so that the Family C’s monthly debt-to-income level is lowered to 31%. Any dollar the bank spends is matched by the government. At this stage, Family C’s interest rate is reduced from 6.41% to 4.43%. In total, Family C’s monthly payment has fallen from $1,538 to $1,132. If Family C remains current on their payments, they will receive incentive payments up to $1,000 a year, or $5,000 over five years, that would go towards reducing the principal they owe. Additionally, the mortgage servicer can earn an up-front incentive fee of $1,000, plus up to $1,000 per year in “Pay for Success” fees for three years, so long as Family C remains current |
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