- Distressed Loans in Ohio: Recent Trends
- Lisa A Nelson and Francisca G-C Richter
- In October 2010, not long after the Home Affordable Mortgage Program (HAMP) was implemented to help address the increasing numbers of distressed loans, we published an analysis of Ohio loan modifications that were performed between 2008 and 2010. Two years later, we update and extend this analysis to include both a broader set of loss-mitigation tools and the performance of underwater loans. We find that the share of Ohio loans entering delinquency continues to decline, the self-cure rate has increased since 2009, and loan modifications continue to represent a path out of distress for a very small fraction of delinquent loans.
A Look Behind the Numbers