National Foreclosure Mitigation Counseling Program Evaluation: Final Report Rounds 1 and 2

138 Pages Posted: 20 Jun 2012

See all articles by Neil S. Mayer

Neil S. Mayer

Neil Mayer & Associates

Peter A. Tatian

The Urban Institute

Kenneth Temkin

affiliation not provided to SSRN

Charles A. Calhoun

Calhoun Consulting

Date Written: December 6, 2011

Abstract

The National Foreclosure Mitigation Counseling Program is a major federal initiative to provide free counseling services to homeowners in danger of losing homes, helping them to work with their mortgage lenders and services to avoid foreclosure and serving more than a million households to date. This paper reports statistical analyses of the impacts of that counseling. It finds that counseled borrowers, compared to those without counseling, receive significantly larger reductions in mortgage payments through loan modifications and more frequent loan modifications and other mortgage workouts curing delinquencies, are more likely to sustain default cures once obtained, and resulting have signficantly fewer foreclosures, controlling for many other factors regarding homeowners, their mortgages, and market conditions.

Keywords: housing finance, housing counseling, mortgage foreclosure

Suggested Citation

Mayer, Neil S. and Tatian, Peter A. and Temkin, Kenneth and Calhoun, Charles A., National Foreclosure Mitigation Counseling Program Evaluation: Final Report Rounds 1 and 2 (December 6, 2011). Available at SSRN: https://ssrn.com/abstract=1980920 or http://dx.doi.org/10.2139/ssrn.1980920

Neil S. Mayer (Contact Author)

Neil Mayer & Associates ( email )

828 San Pablo Avenue, Ste 115B
Albany, CA 94706
United States

Peter A. Tatian

The Urban Institute ( email )

2100 M Street NW
Washington, DC 20037
United States

HOME PAGE: http://www.urban.org/author/peter-tatian

Kenneth Temkin

affiliation not provided to SSRN ( email )

Charles A. Calhoun

Calhoun Consulting ( email )

4837 King Solomon Drive
Annandale, VA 22003
United States
703-978-3495 (Phone)
703-978-1933 (Fax)

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