Abstract

http://ssrn.com/abstract=1950430
 
 

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Performance of HAMP Versus Non-HAMP Loan Modifications – Evidence from New York City


Ioan Voicu


Government of the United States of America - Office of the Comptroller of the Currency (OCC)

Vicki Been


New York University School of Law

Mary Weselcouch


New York University (NYU) - Furman Center for Real Estate and Urban Policy

Andrew John Tschirhart


Government of the United States of America - Office of the Comptroller of the Currency (OCC)

October 27, 2011

NYU Law and Economics Research Paper No. 11-41

Abstract:     
Policymakers are relying heavily on mortgage modifications to address the foreclosure crisis. However, not enough is known about whether modifications actually help borrowers stay current over the long run, or about what kinds of modifications are most successful. We use logit models in a hazard framework to explain how loan, borrower, property, servicer and neighborhood characteristics, along with differences in the modifications, affect the likelihood of redefault. The dataset includes both HAMP and proprietary modifications. Our results demonstrate that borrowers who receive HAMP modifications have been considerably more successful in staying current than those who receive non-HAMP modifications.

Number of Pages in PDF File: 66

Keywords: Mortgage, Modification, Default, Foreclosure, HAMP, New York City

JEL Classification: G21, G38, L85, R31, R38

working papers series


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Date posted: October 28, 2011 ; Last revised: March 29, 2012

Suggested Citation

Voicu, Ioan and Been, Vicki and Weselcouch, Mary and Tschirhart, Andrew John, Performance of HAMP Versus Non-HAMP Loan Modifications – Evidence from New York City (October 27, 2011). NYU Law and Economics Research Paper No. 11-41. Available at SSRN: http://ssrn.com/abstract=1950430 or http://dx.doi.org/10.2139/ssrn.1950430

Contact Information

Ioan Voicu
Government of the United States of America - Office of the Comptroller of the Currency (OCC) ( email )
250 E Street, SW
Washington, DC 20219-0001
United States
Vicki Been
New York University School of Law ( email )
40 Washington Square South
New York, NY 10012-1099
United States
212-998-6223 (Phone)
212-995-4341 (Fax)
Mary Weselcouch (Contact Author)
New York University (NYU) - Furman Center for Real Estate and Urban Policy ( email )
New York, NY 10012
United States
Andrew John Tschirhart
Government of the United States of America - Office of the Comptroller of the Currency (OCC) ( email )
250 E Street, SW
Washington, DC 20219-0001
United States
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