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Keyword: hamp

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  • Why HARP Is Almost Dead: U.S. Negative Equity Rate Falls at Fastest Pace Ever

    11/22/2013 4:30:40 AM PST · by whitedog57 · 11 replies
    Confounded Interest ^ | 11/22/2013 | Anthony B. Sanders
    According to Zillow, the U.S. negative equity rate fell at the fastest pace ever in Q3 2013. That is good news … if you own a mortgage or a home. But not great news if you are one of America’s growing renters. Leading the recovery, due to house price recovery, is California. And second is Nebraska? In general, the West which was so hammered by the housing bubble burst is recovering nicely. zillownegeqmap11222013 Here is a map of counties regarding negative equity. Red is “bad”, blue is “good”. You can see that the West and select counties around the nation...
  • Obama’s “Old Deal” Housing Speech: Save The 30 Year Mortgage (As 7 Out 8 Jobs Created Are Part-time)

    08/06/2013 7:27:29 AM PDT · by whitedog57 · 7 replies
    Confounded Interest ^ | 08/06/2013 | Anthony B. Sanders
    President Obama is in Phoenix today to discuss fixing the housing market. It is reminiscent of President Franklin D. Roosevelt’s speeches in the 1930 on how to fix the housing market. The federal government began its response to the housing crisis in 1932, with the enactment of the Federal Home Loan Bank Act (the Bank Act). The Bank Act created the Federal Home Loan Bank System and the Federal Home Loan Bank Board (FHLBank Board) as its regulator. The federal government also created the Home Owners’ Loan Corporation (HOLC), the Federal Housing Administration (FHA), and Fannie Mae. And the creation...
  • Obama's HAMP Program a Stunning Success

    07/25/2013 7:51:27 AM PDT · by Kaslin · 8 replies
    Townhall.com ^ | July 25, 2013 | Mike Shedlock
    Obama had lofty goals of helping 4 million Americans keep their homes with his Home Affordable Mortgage Program (HAMP). Here are some quick facts:   HAMP modified 1.2 million mortgages (70% less than the target) 306,000 re-defaults Another 88,000 at risk The re-default rate is an alarming 30% The re-default rate of those in since 2009 is 46% CNNMoney has additional details in Watchdog: Borrowers in Obama housing program re-defaulting.   Borrowers who received help through the government's main foreclosure prevention program are re-defaulting on their mortgages at alarming rates, a federal watchdog said in a report released Wednesday.  Nearly 1.2 million...
  • Re-default Rates On Modified Mortgages Highest in … Danville, Illinois (Not Phoenix or Vegas)

    07/27/2013 3:13:09 PM PDT · by whitedog57 · 4 replies
    Confounded Interest ^ | 07/27/2013 | Anthony B. Sanders
    I bet you were going to say Phoenix, Las Vegas, Riverside or Tampa had the highest HAMP re-default rates. But it’s Danville, Illinois. According to the Quarterly Report to Congress (dated July 24, 2013) of the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), The leading metropolitan areas with the highest redefault rates on modified mortgages were highest is Danville IL at 50% re-default rate, Sumter SC at 44% and Rocky Mount NC at 40%. redfULYS See the SIGTARP report here: July_24_2013_Report_to_Congress Here is a table of Sand State (AZ, NV, CA, FL) re-default rates....
  • HAMP (Home Affordable Modification Program) defaults at “alarming rate,” says TARP IG

    04/25/2013 12:50:29 PM PDT · by SeekAndFind · 14 replies
    Hotair ^ | 04/25/2013 | Ed Morrissey
    Plus ça change, plus c’est la même chose … Struggling homeowners who received loan modifications under a federal government program are defaulting on their mortgages at an alarming rate, according to a watchdog report released Wednesday.The report from the special inspector general for the Troubled Asset Relief Program said the Treasury Department’s Home Affordable Modification Program, or HAMP, has failed to ensure that mortgage reductions are sustainable.Home loans modified in the third and fourth quarters of 2009 are now defaulting at a rate of 46 percent and 39 percent, respectively. As of the end of March, more than 312,000 homeowners...
  • Long Road to Recovery: Housing Starts At Highest Level ... Since Mid Recession

    10/17/2012 10:01:18 AM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 10/17/2012 | Anthony B. Sanders
    It is amazing that the Presidential debate was devoid of a housing discussion. Since we are experiencing the worst economic recovery since 1882, I thought housing and the economy would have been a ripe topic for discussion. There was good news for housing starts this morning. Privately-owned housing starts in September were at a seasonally adjusted annual rate of 872,000. This is 15.0 percent above the revised August estimate of 758,000 and is 34.8 percent above the September 2011 rate of 647,000. WE ARE FINALLY BACK TO MID RECESSION LEVELS OF HOUSING STARTS! So, we are over three years beyond...
  • Why Obama’s plan failed to fix America’s housing crisis (and Obama’s letter to me)

    06/12/2012 4:55:07 PM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 06/12/2012 | Anthony B. Sanders
    There was an interesting article on Bloomberg and the Washington Post with the tantalizing title, “Why Obama’s plan failed to fix America’s housing crisis.” The article features Steven Nesmith (who wanted a bolder effort) and me (who said we shouldn’t have intervened at all). “They were well-intended, but they were not bold enough,” said Steven Nesmith, a former vice president at loan servicer Ocwen Financial Corp. who served as an assistant secretary in the Department of Housing and Urban Development during the administration of President George W. Bush. “They should have gone bigger and bolder with a robust plan to...
  • The Never-ending Government Bailout of Mortgage Borrowers by Taxpayers

    01/28/2012 4:17:55 PM PST · by whitedog57 · 10 replies
    Confounded Interest ^ | 1/28/2012 | Anthony B. Sanders
    In a nutshell, the Obama Administration wants to expand the already existing the Home Affordable Modification Program (or HAMP) to forgive debt to those who are “underwater.” The Administration would require mortgage giants Fannie Mae and Freddie Mac, the mortgage insurance giants in the DC area, to forgive mortgage debt. Bear in mind that the housing and credit bubble were put into motion by President Clinton and HUD Secretaries Henry Cisneros and Andrew Cuomo with their National Homeownership Strategy to encourage households to buy housing and accumulate debt. Here is the NHS document that was removed from HUD’s website: nhsdream1...
  • The Never-ending Government Bailout of Mortgage Borrowers by Taxpayers

    01/28/2012 4:17:42 PM PST · by whitedog57 · 4 replies · 1+ views
    Confounded Interest ^ | 1/28/2012 | Anthony B. Sanders
    In a nutshell, the Obama Administration wants to expand the already existing the Home Affordable Modification Program (or HAMP) to forgive debt to those who are “underwater.” The Administration would require mortgage giants Fannie Mae and Freddie Mac, the mortgage insurance giants in the DC area, to forgive mortgage debt. Bear in mind that the housing and credit bubble were put into motion by President Clinton and HUD Secretaries Henry Cisneros and Andrew Cuomo with their National Homeownership Strategy to encourage households to buy housing and accumulate debt. Here is the NHS document that was removed from HUD’s website: nhsdream1...
  • Foreclosure woes: For one homeowner, following bank's advice was bad news

    06/08/2011 8:01:42 PM PDT · by Jim 726 · 45 replies · 1+ views
    PANAMA CITY BEACH — Lindsay Hall took out a $200,000 loan in 2005 on her paid-off beach house with the understanding that her $600 monthly Social Security check would cover the mortgage payments. When her interest rate jumped more than a year ago, it raised her mortgage payments to $1,500. At that point, Hall started the fight to save her home. “I want to say I did my best to fight for the American dream,” said Hall, 70. Hall has negotiated with her loan servicer, IndyMac Mortgage Services, to modify her loan payments multiple times. Each time she negotiates payments...
  • COLE: Obama’s helping hand hoodwinks homeowners

    03/01/2011 10:39:31 PM PST · by rebel_yell2 · 22 replies
    The Washington Times ^ | March 1, 2011 | Rebel A. Cole
    Back in March 2009, the Obama administration unveiled the Home Affordable Modification Program, or HAMP, a program for helping delinquent borrowers save their homes from foreclosure - a problem that got worse again in reports released just last week. The goal of HAMP was to “help 3 to 4 million homeowners by 2012.” This phrase should have read “help or hurt” because hurt is exactly what has happened to hundreds of thousands of homeowners who have attempted to use HAMP to save their homes. How is it possible that a program for providing mortgage modifications could hurt homeowners? To understand...
  • Bill Clinton to campaign for Emanuel in Chicago

    12/25/2010 10:31:58 PM PST · by 2ndDivisionVet · 17 replies
    The Chicago Tribune ^ | December 25, 2010 | Kristen Mack
    Former President Bill Clinton is coming to Chicago in January to campaign for mayoral candidate Rahm Emanuel. Before serving in President Barack Obama's White House and representing the North Side of Chicago in Congress, Emanuel worked in Clinton's administration as a senior adviser for policy and strategy. Clinton is scheduled to headline a public event that highlights Emanuel's role in passing a crime bill....
  • Judge's Bombshell Ruling Exposes The Biggest Flaw In Obama's Disastrous Foreclosure Program

    11/02/2010 12:45:58 PM PDT · by FromLori · 13 replies
    The Business Insider ^ | 11/2/10 | Joe Weisenthal
    Interesting story here... CourtHouseNews (via Denninger): A La Jolla man can keep his home for now, after a federal judge granted his motion for a temporary restraining order blocking Washington Mutual and JP Morgan from foreclosing on his house because the banks misled him into defaulting on his mortgage. Kaveh Khast claimed the banks instructed him to stop making his mortgage payments so he could qualify for a loan modification. A Washington Mutual representative confirmed receipt of the documents, but did not contact Khast within two months as promised. After learning JP Morgan Chase had acquired Washington Mutual, Khast contacted...
  • Obama Mortgage Modification Bailout Distorts Housing Market

    10/04/2010 11:57:14 AM PDT · by jazusamo · 7 replies
    National Legal & Policy Center ^ | October 4, 2010 | Carl Horowitz
      Call it a paradox. The U.S. economy officially has been out of recession for 15 months. The stock market enjoyed a record-high September; durable goods orders are up; and consumer spending is growing. Yet homeowners continue to lose their properties at a frequency not seen since the Great Depression. And this is despite - and possibly to some extent, because of - an emergency federal program in place for the past year and a half designed to stave off foreclosures. Call it a consumer bailout. And don't expect it to end soon. Business journalists have an old shibboleth: Housing...
  • Dropout Rate Hits 51% in Obama’s Mortgage Modification Program

    09/23/2010 7:18:00 PM PDT · by fightinJAG · 9 replies
    eCredit Daily ^ | Sep 22, 2010
    More than half – 682,659 homeowners –of the more than 1.3 million borrowers in the Obama Administration’s mortgage modification effort have dropped out of the program as the foreclosure crisis shows few signs of abating. The Home Affordable Modification Program (HAMP) update for August, released today, shows that 51 percent of the 1,334,117 borrowers who started trial periods of reduced monthly payments have cancelled out of the 16-month-old program. In July, the dropout rate stood at 48 percent.
  • Race now required for mortgage modification?

    09/13/2010 7:32:52 PM PDT · by agee · 32 replies
    Founding Ideals ^ | September 13, 2010
    Thanks to the folks over at National Review for spilling the beans on this travesty. In a piece titled Racial Voyeurism we learn that our famously post racial President just can't move beyond matters of race. Even though most Americans don't care about race, our current government can only be described as "obsessed" with it. The latest fiasco is the Home Affordable Modification Program (HAMP) which requires lenders to identify the race of the applicant even if the applicant refuses to provide the information. The handbook for the HAMP program specifically states;  “If a borrower declines to provide GMD, the...
  • Fannie Mae whistleblower: Incentives ruined HAMP mortgage-mod program

    08/16/2010 6:42:55 AM PDT · by fightinJAG · 6 replies
    Hot Air ^ | Aug 7, 2010 | Ed Morrissey
    [snip] The problem starts with a skewed financial incentive at the heart of HAMP. The government paid Fannie bonuses for trial modifications that lasted three months, but apparently provided no incentive to move those homeowners into permanent modifications. Under pressure to show that they could turn a profit after the massive bailouts of 2008 and continuing bailouts in 2009, Fannie Mae execs focused like a laser on earning the bonus payments:
  • Couple in Duluth SWAT Standoff Speaks (Foreclosure)

    08/15/2010 5:47:26 AM PDT · by Chunga85 · 88 replies
    FOX 5 ^ | 8/12/2010 | MYFOXATLANTA STAFF/myfoxatlanta
    DULUTH, Ga. - A couple who lost their home to foreclosure and spent hours locked in a SWAT standoff with police when they refused to leave, talked about the situation Thursday. The Grabers said they were living their version of the American dream. The Grabers said they owned their home for more than a decade when Howard Graber suffered a massive stroke. The Grabers said that's when everything changed. On Wednesday, Gwinnett County deputies went to the Graber's Davenport Park Lane home to serve an eviction notice after the bank had foreclosed on the property. It turned into a four...
  • More HAMP homeowners falling behind ('HAMP' HaPPens!! ThX Fannie Mae!!)

    08/06/2010 2:52:09 PM PDT · by NormsRevenge · 9 replies
    Reuters on Yahoo ^ | 8/6/10 | Corbett B. Daly
    WASHINGTON (Reuters) – The Treasury Department on Friday acknowledged that the number of homeowners in trouble again despite getting help from the administration's signature mortgage aid program was higher than earlier estimates. Treasury officials blamed the error on mortgage finance giant Fannie Mae, which acts as the program administrator for President Barack Obama's $50 billion Home Affordable Modification Program (HAMP), which helps subsidize new terms for borrowers struggling to keep up with their mortgage payments. Treasury said about 4,764 borrowers, who had obtained a permanent HAMP modification, were behind by at least 90 days, while about 53,041 borrowers were behind...
  • Bailout Watchdog Calls Mortgage Programs a Bust (Don't need a "watchdog" to tell us this)

    07/21/2010 10:23:08 AM PDT · by tobyhill · 5 replies
    Fox News ^ | 7/20/2010 | ap
    Government watchdogs are telling a Senate panel that the Obama administration's multibillion effort to help at-risk homeowners avoid foreclosure is not working and could put the economic recovery at risk. Special inspector general for the financial bailouts Neil Barofsky said Wednesday that the program has not "put an appreciable dent in foreclosure filings," during a hearing on the $700 billion bank bailout before the Senate Finance Committee. He also said the Treasury Department has ignored earlier demands that it set clearer goals for the program. Elizabeth Warren, who chairs a separate Congressional Oversight Panel on the bailouts, said Treasury's failure...
  • Verdict: HAMP Failed

    06/11/2010 10:46:23 PM PDT · by blam · 6 replies · 381+ views
    The Market Ticker ^ | 6-11-2010 | Karl Denninger
    Verdict: HAMP Failed Friday, June 11. 2010 Posted by Karl Denninger "See, I told you so" Redefault rates on 1.2 million first-lien single-family mortgages are running above 50%, according to an internal note sent Wednesday to the company's salesforce by Sean Dobson, the chairman and chief executive of Amherst Securities Group LP. You have to chuckle at the claimed "problem" though: "As we predicted, it [Hamp] did not work," Dobson wrote. "If we want families to escape foreclosure, a real solution to the second-lien issue must be implemented. There isn't one other than forcing the banks to eat those loans....
  • Judge James L. Shumate Orders Halt to Bank of America Foreclosures in Utah.

    06/06/2010 6:42:28 AM PDT · by Chunga85 · 176 replies · 1,974+ views
    KCSG Television ^ | 6/5/2010 | Morgan Skinner
    (St. George, UT) June 5, 2010 – A court order issued by Fifth District Court Judge James L. Shumate May 22, 2010 in St. George, Utah has stopped all foreclosure proceedings in the State of Utah by Bank of America Corporation, ; Recontrust Company, N.A; Home Loans Serving, LP; Bank of America, FSB; snip> The attorney’s for Bank of America promptly filed to move the case to federal court to avoid having to deal with the Judge who is not unaccustomed to high profile cases and has a history of watching out for the “little people” and citizen’s rights.
  • More California homeowners walk out on mortgages

    05/31/2010 12:22:29 PM PDT · by Lorianne · 250 replies · 3,688+ views
    Fresno Bee ^ | 27 May 2010 | Tim Sheehan
    In areas hardest hit by plunging real-estate values - including the San Joaquin Valley - some people who can afford their mortgage are opting to walk away from their loan and let their bank repossess the house. "It's very stressful to get to that point," said James Graham, a 48-year-old power-plant worker who walked away from his home in Bakersfield last fall. "You're raised up to do the right thing and pay your mortgage, pay your bills." "But when you get to that point where it's time to walk, it's time." It's called "strategic default," and experts say it stems...
  • Owners Stop Paying Mortgages, and Stop Fretting

    06/01/2010 5:48:51 PM PDT · by Kartographer · 77 replies · 1,761+ views
    NYT ^ | 5/31/10 | DAVID STREITFELD
    For Alex Pemberton and Susan Reboyras, foreclosure is becoming a way of life — something they did not want but are in no hurry to get out of. Foreclosure has allowed them to stabilize the family business. Go to Outback occasionally for a steak. Take their gas-guzzling airboat out for the weekend. Visit the Hard Rock Casino. “Instead of the house dragging us down, it’s become a life raft,” said Mr. Pemberton, who stopped paying the mortgage on their house here last summer. “It’s really been a blessing.” A growing number of the people whose homes are in foreclosure are...
  • IRS Form 938-I Have No Idea If This Is Important But It Sure is Curious (Biggest RICO Case on Earth)

    06/01/2010 2:15:43 PM PDT · by Chunga85 · 12 replies · 724+ views
    Matt Weidner Law Blog ^ | May 31, 2010 | Matt Weidner
    Sometimes this all becomes a bit too overwhelming, trying to unravel this whole foreclosure cataclysm. This is so far beyond the simple situation where a borrower borrows money from a bank and doesn’t pay….that bank is clearly entitled to their money back. I’m a fairly bright guy with a good education and a fair to ‘middlin grasp on complex legal issues….I just boil down way complex stuff to smaller parts and learn those complex issues piece by piece. The problem we face in foreclosures today is no-one has any idea who’s really owed money on these mortgages, who is entitled...
  • A Treasure Trove of MERS Depositions~ Priceless and Free Here for All (Attention please: Foreclosure

    05/30/2010 9:11:37 AM PDT · by Chunga85 · 51 replies · 1,042+ views
    Law Offices of Matthew Weidner Blog ^ | 5/30/2010 | Mathew Weidner, Esq.
    The beautiful thing about this site is pro se advocates, normal every day people, sophisticated foreclosure defense attorneys, journalists and attorneys who are just dipping their toes into the foreclosure defense water are all viewing the information contained on this site. We’re all learning new, confusing, mind-blowing, scary things about foreclosure. Part of what we’re all struggling to do is wrap our arms around just how deep and complex this whole mortgage and foreclosure mess is. Sure you have judges who still say, “They haven’t paid their mortgage, they should get out.” But increasingly, judges and all of us are...
  • Foreclosures, Enforcement, and Collections under the Federal Mortgage Modification Guidelines

    03/02/2010 7:01:55 AM PST · by reaganaut1 · 3 replies · 261+ views
    National Bureau of Economic Research ^ | March 1, 2010 | Casey Mulligan
    Federal mortgage modification initiatives, targeting millions of borrowers, are intended to prevent foreclosures of underwater home mortgages. Those initiatives discourage principal reductions in favor of interest reductions, despite the possibility that the former would be a more durable foreclosure prevention tool. The programs also impose marginal income tax rates substantially in excess of 100 percent. Using the framework of optimal income taxation, this paper shows how alternative means-tested modification rules would simultaneously improve collections, efficiency, the number of foreclosures, and their total cost. As a result, lenders have an incentive to foreclose on borrowers deemed modification eligible by the federal...
  • U.S. Weighs Requiring Lenders to Consider Changes Before Foreclosures (Ban on foreclosure)

    02/26/2010 7:04:29 AM PST · by C19fan · 8 replies · 265+ views
    New York Times ^ | February 25, 2010 | David Stratfield
    The Obama administration, under intense pressure to help millions of people in danger of losing their homes, is considering a ban on foreclosures unless they have first been examined for potential modification, according to a set of draft proposals. That would raise the stakes from the current practice, which strongly encourages lenders to evaluate defaulting borrowers for a modification but does not make it mandatory.
  • Obama May Prohibit Home-Loan Foreclosures Without HAMP Review

    02/25/2010 2:06:19 PM PST · by GreaterSwiss · 186 replies · 5,684+ views
    <p>Copyright restricted: Bloomberg Publications allow none of their material to be posted to Free Republic.</p>
  • Federal mortgage modification plan disappointing so far - Home Affordable Modification Program(HAMP)

    01/18/2010 8:37:15 AM PST · by NormsRevenge · 4 replies · 271+ views
    CSM on Yahoo ^ | 1/18/10 | Patrik Jonsson
    Atlanta – The Obama administration announced Friday that its much-lauded mortgage modification plan has had a disappointing start, helping far fewer Americans stay in their homes than originally hoped. Intended to bolster struggling homeowners, the Home Affordable Modification Program (HAMP) has permanently helped only 66,000 homeowners out of 4 million that may be eligible. As foreclosures are expected to rise from 2.8 million in 2009 to 3 million in 2010, analysts expect the Obama administration to modify the modification program to keep it from becoming another major political issue in a year when Democrats are facing a growing anti-spending sentiment...
  • Did Mortgage Relief Program Make Housing Crisis Worse?

    01/02/2010 11:23:06 PM PST · by CutePuppy · 14 replies · 1,012+ views
    NY Times via CNBC ^ | January 02, 2010 | Peter S. Goodman
    The Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good. Since President Obama announced the program in February, it has lowered mortgage payments on a trial basis for hundreds of thousands of people but has largely failed to provide permanent relief. Critics increasingly argue that the program, Making Home Affordable, has raised false hopes among people who simply cannot afford their homes.As a result, desperate homeowners have sent payments to banks in often-futile efforts to keep their...
  • U.S. may prop up housing further via Fannie, Freddie

    12/28/2009 10:39:50 AM PST · by Stayfree · 8 replies · 491+ views
    MarketWatch-WSJ ^ | December 29, 2009 | Alistair Barr
    The government may put a mortgage-modification effort, called the Home Affordable Modification Program, or HAMP, into overdrive in coming years, pushing for reductions in the principal outstanding on home loans overseen by Fannie Mae and Fredie Mac.
  • 2009's Mortgage Modifications Pretty Minor [1.7 Million Home Foreclosures In 2010?]

    12/23/2009 5:38:26 PM PST · by Steelfish · 8 replies · 460+ views
    SFChronicle ^ | December 23rd 2009
    2009's Mortgage Modifications Pretty Minor Carolyn Said, Chronicle Staff Writer December 23, 2009 This was supposed to be the year of loan modifications. With great fanfare early in the year, the Obama administration unrolled a plan to spur banks to help troubled homeowners avert foreclosure by reducing their monthly payments. But at year end, the plan is widely considered a bust. Borrowers complain of months of begging and endless phone-tree loops. Banks complain of borrowers who don't submit documentation and don't return calls. The net results have been paltry: Just 31,382 borrowers nationwide had received permanent loan mods as of...
  • New housing crisis

    12/14/2009 11:36:36 AM PST · by CutePuppy · 21 replies · 1,099+ views
    NY Post ^ | December 13, 2009 | Richard Wilner
    Look out below! The US housing market could be looking at a second steep decline in 2010 after statistics released last week show how poorly the Obama administration's mortgage modification plan is working. The millions of families hoping for a permanent mortgage modification may never get one -- and with their homes worth less than they owe on their loans, they may decide to walk away from the home voluntarily or be foreclosed upon as their trial modifications expire. The snail's pace of permanent mortgage modifications -- just 31,382 out of 3.3 million eligible loans have been cut -- could...
  • House Financial Services Committee on HAMP and Loan Modifications

    12/07/2009 9:13:21 AM PST · by whitedog57 · 5 replies · 284+ views
    U.S. Congress website ^ | 12/07/2009 | Barney Frank
    Full Committee Hearing The Private Sector and Government Response to the Mortgage Foreclosure Crisis 10 a.m., Tuesday, December 8, 2009, 2128 Rayburn House Office Building. The topic for the hearing is the private sector and government response to the Mortgage Foreclosure Crisis. Please address any of the following questions which you believe you are qualified to address: Assess the extent and effectiveness of the federal government’s programs and initiatives (including the Making Home Affordable Program) for addressing the mortgage default and foreclosure crisis and for creating more sustainable mortgage payments for at-risk homeowners. Assess the performance of private sector participants,...
  • See, HAMP Really Was A Scam

    11/29/2009 1:52:57 PM PST · by FromLori · 9 replies · 935+ views
    The Market Ticker ^ | 11/29/09 | Karl Denninger
    You have give these banksters credit - they'll lie and lie and lie some more.... More than 650,994 loan revisions had been started through the Obama administration’s Home Affordable Modification Program as of last month, from about 487,081 as of September, according to the Treasury. None of the trial modifications through October had been converted to permanent repayment plans, the Treasury data showed. That failure is getting the administration’s attention. None? Out of 651,000 "trial" modifications none have turned into a permanent repayment plan? That's all the borrower's fault, right? There's no collusion here, yes? No intent to screw the...
  • Cash for Clunker Mortgages Program Unveiled

    10/19/2009 10:57:21 AM PDT · by Justaham · 15 replies · 560+ views
    PR Newswire ^ | 10-19-09
    The Cash for Clunker Cars program ended on August 24, but another stimulus program has recently been established. The Cash for Clunker Mortgages program begins October 19 and enables holders of nonperforming mortgages to trade them in for cash. Holders of nonperforming First Mortgages are losing money each month as holding costs accrue and property values deteriorate. In an effort to allow lenders and servicers to focus their efforts on the loans more likely to qualify for the Home Affordable Mortgage Program (HAMP), Cash for Clunker Mortgages will pay competitive prices for nonperforming First Mortgages. Nonperforming loans, particularly those in...
  • Firms are getting billions, but homeowners still in trouble

    10/04/2009 5:59:09 PM PDT · by underthestreetlite · 46 replies · 1,117+ views
    McClatchy Via Yahoo News ^ | Sun Oct 4, 2009 | Chris Adams, McClatchy Newspapers Chris Adams, Mcclatchy Newspapers
    WASHINGTON — The federal government is engaged in a massive mortgage modification program that's on track to send billions in tax dollars to many of the very companies that judges or regulators have cited in recent years for abusive mortgage practices. The firms, called mortgage servicers, have been cited for badgering, manipulating or lying to their customers; sticking them with bogus fees, or improperly foreclosing on them. Mortgage servicers are the middlemen between homeowners and the investors that hold their mortgages, collecting homeowners' checks and disbursing payments for the mortgages, property tax and insurance. They're a necessary player for any...