Archive for the 'Loan Modification News' Category
Newest Changes To HAMP; Without a Mandated Principle Reduction How Many Will It Help?
HAMP Loan mod program changes add short-sale incentives. [caption id="attachment_1805" align="aligncenter" width="300" caption="HAMP makes changes, But will they help?"][/caption] This just in: Government Guidelines for HAMP changes, HAFA Guidelines, HARP program rules, Second Lien help (2MP) Is this another big waste of time? Will this just prolong the problem? I've heard so much about the newest HAMP guideline changes and additions today; how will it help if many simply re-default and end up facing foreclosure anyway? I mean, it's great they are trying to help, give people a chance to find employment, get their income back, so they can continue to make payments, but without a long term principle reduction, what's the use? How many will simply decide to walk? And how do we know if the...
Even Treasury Says: HAMP is failing!
Just got off the phone with another upside down Sacramento homeowner that was denied a HAMP loan modification. Just so happens that I got an email today from Chris Mcglaughlin, that basically says that even the Treasury, the inspector of TARP and even the assistant Treasury secretary for financial stability have all agreed it isn't working the way it was supposed to... [caption id="attachment_1794" align="aligncenter" width="300" caption="Treasury Agrees HAMP is failing"][/caption] Read the email from Chris McLaughlin: Treasury: HAMP not working We've reported the failure of HAMPmany times before, but now even senior insiders are piling on. Neil Barofsky, special inspector general for the Troubled Assets Relief Program (TARP), said in a report issued yesterday that Treasury now expects only 1.5 million to 2...
Fannie Mae Institutes the “Alternative Modification”
Sacramento Certified Pre-Foreclosure Specialist Report: Fannie Mae's Alternative Modification [caption id="attachment_1761" align="aligncenter" width="375" caption="Fannie Mae Institutes Alternative Modification for those who don't qualify for HAMP"][/caption] Modification News from DSNews: Servicers are working faster and more diligently to convert trial modifications to permanent status under the administration’s Home Affordable Modification Program (HAMP). In February, the number of mods in thepermanent column increased 45 percent compared to January. But the bitter truth is that some homeowners won’t qualify for long-term relief even after successfully making their trial payments – whether it’s because of insufficient documentation during the final application process or because once income is verified, their debt-to-income ratio pushes them out of the qualifying bracket. To offer these homeowners another option, Fannie Mae is instituting...
Sacramento County Short Sale Expert Report
Sacramento Short Sale Information And News [caption id="attachment_1688" align="aligncenter" width="300" caption="HAMP Report Card For February"][/caption] ADMINISTRATION RELEASES HAMP FEBRUARY LOAN MODIFICATION REPORT Number of permanent modifications increases by 45 percent WASHINGTON - The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released February data for the Administration's Home Affordable Modification Program (HAMP). As of the end of the month, more than one million borrowers were receiving a median savings of $500 each month - a 36 percent median monthly payment decrease. Permanent modifications have been granted to 170,000 homeowners and an additional 91,800 permanent modifications have been approved by servicers and are pending only borrower acceptance. These are some troubling numbers... Only about 12% Success rate! Number of...
January HAMP Loan Modification Report
Sacramento Certified Pre-Foreclosure Specialist's Loan Mod Report: Loan Modification and Foreclosure Prevention News and Reports Just Read the Making Home Affordable ProgramServicer Performance Report Through January 2010 Administration Releases January Loan Modification Report Number of permanent modifications nearly doubles over previous month; over one million trial modifications started WASHINGTON - The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released January data for the Administration's Home Affordable Modification Program (HAMP), demonstrating that the number of homeowners receiving immediate relief and converting to permanent modifications continues to rise. More than 116,000 homeowners now have permanent modifications, nearly doubling the number from December, which also marked record progress. An additional 76,000 permanent modifications have been offered, and are waiting only for the...
Sacramento Loan Modification News
Sacramento Certified Pre Foreclosure Specialist Report Fannie Mae and Freddie Mac initiated more than 485,000 mortgage loan modifications through December 2009, under the Administration’s Home Affordable Modification Program (HAMP). Total refinance volume increased in December, including those under the Home Affordable Refinance Program (HARP). The data were released by Edward J. DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA), as part of the agency’s monthly Foreclosure Prevention Report. According to DSNews: The Federal Housing Finance Agency’s (FHFA) recently released its monthly Foreclosure Prevention Report, which summarizes loss mitigation activities for Fannie Mae and Freddie Mac through October 2009 and includes Home Affordable Modification Program (HAMP) modification data and refinance data through December 2009. Under the administration’s HAMP, the government-sponsored enterprises (GSEs) initiated more...
What Has the Troubled Asset Relief Program Achieved?
Sacramento Foreclosure News December TARP Loan Modification Report The Congressional Oversight Panel's December report, "Taking Stock: What Has the Troubled Asset Relief Program Achieved?," says that even though TARP was an important part of a broad government strategy that was supposed to stabilized the U.S. financial system. But from the view from here; it is apparent that our financial system has more problems than they understood last year. So 14 months later significant problems in our financial system remain, and have seeped from a U.S. problem into a global financial meltdown like no one has seen for eighty years or so! The Troubled Asset Relief Program (TARP) was the biggest and most publicised portion of the Emergency Economic Stabilization Act (EESA). EESA is the...
White House Sends First Pre-Foreclosure/Loan Mod Report Card
Program was designed to help 4 Million Homeowners... Bank of America and Wells Fargo both got very low marks on the Obama administration's first monthly report card on the program designed to help stem the foreclosure crisis. But the real problem lies in the vact that only 15% of eligible borrowers were offered the loan modification program. In March, the government launched a $50 billion program to help up to 4 million financially troubled borrowers by modifying their loans to lower the payments. But the administration is off to a slow start; according to the first monthly progress report on the performance of the loan modification program introduced by the Obama administration, only 15% of the borrowers eligible to participate in the program have been...
Another GAO Report: Recent Performance of Nonprime Loans Highlights the Potential for Additional Foreclosures
[caption id="attachment_244" align="alignright" width="135" caption="Another Great Timely Report on Housing Crisis"][/caption] Recent Performance of Nonprime Loans Highlights the Potential for Additional Foreclosures See The entire Report Here: Chair Maloney and Members of the Joint Committee: I am pleased to be here today to discuss the performance of the nonprime mortgage market as of March 31, 2009, which includes subprime and Alt-A loans. 1 Nonprime loans accounted for an increasing share of the overall mortgage market from 2000 through 2006, rising from 12 percent to 34 percent. Over this period, the dollar volume of nonprime mortgages originated annually climbed from $100 billion to $600 billion in the subprime market and from $25 billion to $400 billion in the Alt-A market.2 However, in the summer of 2007,...
GAO’s Newest Report On TARP
[caption id="attachment_233" align="alignright" width="300" caption="Loan Modification Program Off To Slow, Shaky Start"][/caption] In another (this is the sixth) report to congress, the GAO (United States Government Accountability Office) has made new recommendations to the Troubled Asset Relief Program (TARP) in a report that focuses on the Department of the Treasury’s (Treasury) efforts to establish its Home Affordable Modification Program (HAMP). The Entire Report Here: The first page of the report is an easy read that discusses the Treasury Actions Needed to Make The Home Affordable Modification Program More Transparent and Accountable. Here is the Report's Full Page, it gives a great overview of the report and it's findings: Under HAMP, Treasury will use up to $50 billion in TARP funds to (1) modify the first-lien mortgages of homeowners in...
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