Restoring Stability: A Save the Dream Ohio Initiative Ohio Hardest-Hit Fund

Ohio Award: $570.4 Million to prevent foreclosure Program launched September 27, 2010. Ohio received over $570 million from the U.S. Department of Treasury’s Hardest-Hit Fund (HHF) program in three funding rounds. 6,027 homeowners have been assisted through May 31, 2012 More than $60 Million in HHF assistance paid to servicers Ohio is one of 18 states receiving funds in the HHF program. 2

Ohio HHF Programs: Maximum HHF amounts per borrower (combined assistance may not exceed $25,000) Rescue Payment Assistance: up to $25,000 To bring delinquent mortgages and delinquent property tax current Mortgage Payment Assistance: up to $20,000 Up to 15 months of mortgage payments for qualified homeowners Additional $5,000 reserved for payment changes Mortgage Modification with Contribution Assistance: up to $25,000 Reduces delinquent and/or principal balances to help homeowners qualify for an affordable loan modification 3

Ohio HHF Programs: Lien Elimination Assistance: up to $25,000 Lender agrees to accept funds, mortgage lien is released with no deficiency judgment Transition Assistance: up to $7,500 Provides an alternative to foreclosure by offering relocation assistance in connection with an approved short sale or deed-in-lieu $5,000 for first lien $2,500 for second lien $4,000 payment to homeowner, $1,000 incentive payment to servicer, if Servicer waives, $5,000 to homeowner

Rescue payment assistance for delinquent property tax purpose To help homeowners avoid foreclosure or tax certificate sale by providing HHF funds to bring delinquent property tax current. Description of Delinquency Homeowners must be 12 months or more behind on their property tax to qualify for assistance. The rescue payment will include the past due tax amount and also include the current tax due, bringing the property tax current. Property tax liens held by a third party collection service are not eligible for payment Maximum Benefit A one-time rescue payment up to $25,000 to bring the property tax current.

Applying for Restoring Stability Funds Homeowners must apply for the Restoring Stability program Three ways to apply: Register online at www.restoringstability.org Call the Save the Dream Ohio Hotline (888-404-4674) Go directly to a HUD-approved Housing Counseling Agency participating in Restoring Stability (HHF)

Restoring Stability Application Process Homeowner registers for Restoring Stability online, by phone or with housing counselor Housing counselors work with homeowner to develop a Restoring Stability (HHF) Action Plan and gather documents for a complete application OHFA reviews and approves eligibility and Restoring Stability (HHF) Action Plan and notifies Servicers of Approved Borrower through common data exchange Servicers provide loan level information, accept reinstatement and full mortgage payments from OHFA on behalf of eligible borrowers Servicers can decline borrower participation based on good reason OHFA arranges loan closing and funding 7

Restoring Stability Homeowners Assisted

Restoring Stability Statistics Date Registrations/Month Submissions to Underwriting Pull Through Rate Homeowners Assisted Approval Rate May-11 1,753 402 23% 344 86% Jun-11 3,382 508 15% 535 105% Jul-11 4,429 551 12% 356 65% Aug-11 2,870 730 25% 542 74% Sep-11 2,398 621 26% 412 66% Oct-11 2,692 531 20% 470 89% Nov-11 2,100 597 28% 322 54% Dec-11 1,986 497 218 44% Jan-12 2,557 601 24% 238 40% Feb-12 1,959 743 38% 361 49% Mar-12 2,097 686 33% 499 73% Apr-12 2,204 649 29% 490 76% 12-May 2,174 726 516 71%

Cumulative Assistance by Program