Servicers used term extensions in 78.0 percent of modifications, principal deferrals in 25.1 percent, and principal reductions in 8.1 percent (see table 17). Among HAMP modifications, servicers reduced interest rates in 85.9 percent of those modifications, deferred principal in 30.1 percent, and reduced principal in 6.8 percent (see table 18).
A principal reduction is a decrease granted toward the principal owed on a loan, typically a mortgage. A principal reduction can be obtained to decrease the outstanding principal balance on a loan.
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"HAMP Principal Reduction Altel’ative" refers to the principal reduction alternative described in Treasury’s Supplemental Directive 10-05: Modification of Loans with Principal Reduction Altemative, dated June 3,2010. "Imminent Default" describes a Borrower who Wells Fargo has detenuined, in accordance
reductions of greater than 20%, while less than half of proprietary modifications did. For non-GSE loans (since GSE loans do not permit principal reduction), 44% of HAMP modifications had principal reduction as part of the modification, while only 20% of proprietary modifications did. These factors are important since evidence suggests that
The theory is that a borrower current on the mortgage may have an incentive to go delinquent in order to take advantage of a principal reduction program. Proponents of principal reduction programs tend to believe this is an immaterial issue, but some recent estimates from actual experience suggest otherwise.
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Of this line  overall HAMP population, 35,330 loans (5.7%) redefaulted within 6 months. The overall redefault rate for the modifications with principal reduction was 4.8%. Of those modifications that received principal reduction, the redefault rate under HAMP PRA was 6.1% and under standard HAMP was 3.3%.
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Virtually all HAMP modifications reduce the borrower’s monthly principal and interest payment, with a median payment reduction of approximately $500, or over a third of the median monthly payment before modification. 6
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at six months for loans with significant payment reductions fell from almost 31.4% for loans modified in August to September of 2008 to just 11.8% for loans modified in August to September of 2009, a more than 62% reduction. Similarly, the redefault rate for loans with significant principal reductions fell from 35.4% to 12.9%, over a 63% reduction.
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