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Keywords:Mortgage servicing 

Journal Article
How home loan modification through the 60/40 plan can save the housing sector

Many well-respected economists have suggested plans for mortgage restructuring built on the idea of share appreciation mortgages, which generate rather complex transactions with conflicting interests between the lender and the homeowner. The 60/40 Plan, however, combines several economic principles adapted to the nature of home loans and appears to provide all the benefits but fewer of the drawbacks of many of these programs, including current government programs such as the Home Affordable Refinance (HARP) and Home Affordable Modification (HAMP) programs. For example, HARP homeowners must ...
Review , Volume 94 , Issue Mar , Pages 102-116

Working Paper
Liquidity Crises in the Mortgage Market

Non-banks originated about half of all mortgages in 2016, and 75% of mortgages insured by the FHA or VA. Both shares are much higher than those observed at any point in the 2000s. We describe in this paper how non-bank mortgage companies are vulnerable to liquidity pressures in both their loan origination and servicing activities, and we document that this sector in aggregate appears to have minimal resources to bring to bear in a stress scenario. We show how the same liquidity issues unfolded during the financial crisis, leading to the failure of many non-bank companies, requests for ...
Finance and Economics Discussion Series , Paper 2018-016

Journal Article
Servicer performance in processing HAMP loan modifications: a survey of Massachusetts-based counseling agencies

The Home Affordable Mortgage Program (HAMP) attempts to help homeowners avoid foreclosure by compensating servicers that allow borrowers to modify the terms of their mortgages. To understand the seemingly troubled HAMP process, the Community Development unit of the Boston Federal Reserve Bank of Boston administered surveys to loan-modification counselors. The results indicate that the process takes much longer than the guidelines indicate and that servicers frequently claim the applications are incomplete. The surveys were run twice to assess any improvements.
New England Community Developments

Journal Article
Fannie Mae sets new guidelines to combat predatory lending

Banking and Community Perspectives , Issue Q3 , Pages 7

Journal Article
Mortgage applicants turn to credit unions after the crisis

The Regional Economist , Issue July

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