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Notes to Chapter 22 631

Chapter 22
1. FCIC calculations based on estimates from Hope Now and Moodys.com.
2. Mortgage Bankers Association National Delinquency Survey (the source for the rest of the delin-
quency and foreclosure rates in this chapter).
3. Julia Gordon, Center for Responsible Lending, “HAMP, Servicer Abuses, and Foreclosure Preven-
tion Strategies,” testimony before the Congressional Oversight Panel for the Troubled Asset Relief Pro-
gram (TARP), COP Hearing on TARP Foreclosure Mitigation Programs, 111th Cong., 2nd sess., October
27, 2010, pp. 5, 30; CRL testimony based on Rod Dubitsky, Larry Yang, Stevan Stevanovic, and Thomas
Suehr, “Foreclosure Update: Over 8 Million Foreclosures Expected,” Credit Suisse (December 4, 2008),
and Jan Hatzius and Michael A. Marschoun, “Home Prices and Credit Losses: Projections and Policy Op-
tions,” Goldman Sachs Global Economics Paper (January 13, 2009), p. 16.
4. “RealtyTrac Year-End Report Shows Record 2.8 Million U.S. Properties with Foreclosure Filings in
2009—An Increase of 21 Percent from 2008 and 120 Percent from 2007,” RealtyTrac, January 14, 2010.
5. “Delinquencies and Loans in Foreclosure Decrease, but Foreclosure Starts Rise in Latest MBA Na-
tional Delinquency Survey,” MBA press release, November 18, 2010.
6. Mark Fleming, chief economist, CoreLogic, testimony before the FCIC, Hearing on the Impact of
the Financial Crisis—Sacramento, session 1: Overview of the Sacramento Housing and Mortgage Mar-
kets and the Impact of the Financial Crisis on the Region, September 23, 2010, transcript, p. 14.
7. FCIC staff estimates based on analysis of BlackBox data.
8. Laurie S. Goodman, senior managing director, Amherst Securities Group LP, written testimony be-
fore the House Financial Services Committee, The Private Sector and Government Response to the Mort-
gage Foreclosure Crisis,” 111th Cong., 1st sess., December 8, 2009, p. 3.
9. The index declined from 200.4 in April 2006 to 136.6 in March 2009, a decline of 31.8%.
10. “New CoreLogic Data Shows Third Consecutive Quarterly Decline in Negative Equity,” CoreLogic
Inc., December 13, 2010, p. 1; nationally, third-quarter figures were an improvement from 11.0 million
residential properties—23%—in negative equity in the second quarter of 2010.
11. Jim Rokakis, treasurer of Cuyahoga County, Ohio, interview by FCIC, November 8, 2010.
12. Cuyahoga County experienced 13,943 foreclosure filings in 2006, 14,946 in 2007, 13,858 in 2008,
and 14,171 in 2009. “Ohio County Foreclosure Filings (1995–2009): Cuyahoga County,” Policy Matters
Ohio.
13. Rokakis, interview.
14. The United States Conference of Mayors, “Impact of the Mortgage Foreclosure Crisis on Vacant
and Abandoned Properties in Cities: A 77-City Survey,” June 2010, pp. 3–4.
15. Guy Cecala, prepared testimony for the Congressional Oversight Panel for the Troubled Asset Re-
lief Program (TARP), COP Hearing on TARP Foreclosure Mitigation Programs, 111th Cong., 2nd sess.,
October 27, 2010, p. 2.
16. John Taylor, interview by FCIC, October 27, 2010.
17. Congressional Oversight Panel, “December Oversight Report: A Review of Treasury’s Foreclosure
Prevention Programs,” December 14, 2010, pp. 4, 7, 18.
18. HOPE NOW, “Industry Extrapolations and Metrics (October 2010),” December 6, 2010, p. 3.
19. New Jersey HomeKeeper Program, New Jersey Housing and Mortgage Financing Agency, ap-
proved September 23, 2010.
20. Kirsten Keefe, presentation to the meeting of the Federal Reserve System’s Consumer Advisory
Council, Washington, D.C., March 25, 2010, transcript, p. 34.
21. Diane E. Thompson, testimony to the Senate Committee on Banking, Housing, and Urban Af-
fairs, Problems in Mortgage Servicing from Modification to Foreclosure, 111th Cong., 2nd sess., November
16, 2010, p. 3.
22. See, for example, National Consumer Law Center, “Why Servicers Foreclose When They Should
Modify and Other Puzzles of Servicer Behavior,” October 2009.