Published: August 04, 2009
Statement in Response to Media Inquiries to American Home Mortgage Servicing, Inc.
COPPELL, Texas - (BUSINESS WIRE) - American Home Mortgage Servicing, Inc. (AHMSI) contacted the Department
of the Treasury today to clarify any misperceptions about the company's
commitment to loan modifications in light of the Treasury's report dated
August 4 on mortgage servicer participation in the Home Affordable
Modification Program (HAMP). The report failed to indicate the effective
date of participation in HAMP by the participating servicers. This has
resulted in some media's misunderstanding about how highly active loan
modification programs are and have been. The Treasury has told AHMSI
that, in recognition of AHMSI's joining the program just late last
month, it included AHMSI's data for report population purposes only but
didn't intend to signal its relative performance, thus the use of a
dash, instead of a number, in the results column of the report. The
Treasury indicated to AHMSI that it is discussing ways to clarify this
intent.
On July 22, 2009, after extensive, careful preparation and discussions
with officials of the Treasury regarding significant program operational
issues, AHMSI
announced its participation in HAMP, a key component of the
President Obama administration's Making
Home Affordable Program to help struggling borrowers reduce their
mortgage payments to affordable levels.
During the 12 months ended June 30, 2009, AHMSI completed more than
64,000 loan modifications, including nearly 37,000 in the first six
months of 2009. This number of modifications represents more than 15
percent of AHMSI's entire portfolio and more than 50 percent of the
average 30+ delinquency. The approach used for these modifications is
essentially similar to the HAMP approach.
AHMSI has made it a priority to be as responsive to its borrowers as
possible. Upon signing the HAMP servicer participation agreement, the
company immediately sent notices about the program to more than 25,000
borrowers who might benefit. It will begin to offer trial modifications
under HAMP soon.
American Home Mortgage Servicing, Inc.
Christine Sullivan,
949-790-3600 x35204
christine.sullivan@ahmsi3.com
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