proj_MortgageLoss

Understanding Mortgage Loss and Foreclosure

Research funded by State Foreclosure Prevention Working Group

Center researchers analyze data from 13 of the largest subprime mortgage services in the country to recommend ways to alleviate the foreclosure crisis.

Project Overview

Center researchers analyzed data from 13 of the largest subprime mortgage services in the country for the State Foreclosure Prevention Working Group, a consortium of state attorneys general, state bank regulators and the Conference of State Bank Supervisors.

The data included information on mortgage delinquencies, foreclosures and loss-mitigation efforts, such as loan modification, from October 2007 through March 2010.

Five reports described the center’s findings and provide recommendations from the Working Group on how to alleviate the foreclosure crisis.

The last report, issued in August 2010, reveals that loan modifications are successfully keeping more people in their homes, particularly when they involve principal reductions.  In fact, in the vast majority of loan modifications, the balance actually increases. More concerning though, is the fact that most seriously delinquent homeowners are not receiving any type of assistance at all.

The UNC Center for Community Capital conducts research and policy analysis on ways to make financial services work better for more people and communities.

 

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