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Tag Archives: HAMP

Completed Loan Mods Now Top 1.4 Million for 2010: Report

Mortgage servicers have completed 1.4 million permanent loan modifications so far this year, according to the latest estimates from HOPE NOW. Servicers have been granting permanent loan modifications through proprietary and HAMP programs at a steady pace of about 150,000 per month. But consumer advocates and federal watchdogs say their efforts are unfortunately overshadowed by the sheer volume of delinquencies. HOPE NOW says there are still over three million homeowners at least two months behind on their mortgage payments.

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Has HAMP Struck Out Looking?

Perhaps it was eager anticipation of the World Series kickoff, but Sen. Ted Kaufman's baseball analogy at a Capitol Hill hearing Wednesday clearly put into perspective a key defect of the Home Affordable Modification Program (HAMP) - a defect that watchdog groups and market observers have been lamenting for months now. And that is, Treasury's back-peddling of how many homeowners the program will actually help. ""What matters is not how often you swing the bat, but how often you reach the bases,"" Kaufman said.

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HAMP-Bashing Persists from Watchdogs and Regulators

Treasury's latest report on the administration's Home Affordable Modification Program (HAMP) shows that over half of the trial plans started have been canceled and 11 percent of borrowers have re-defaulted on their new loan. The TARP special inspector general told Congress that HAMP is ""failing to meet its goal of preserving homeownership"" and risks igniting public anger and mistrust. A Fed economist says HAMP is a reflection of the Obama administration's ""failed policies,"" and the government must be prepared to ""pay lenders a lot of money"" to modify loans.

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New HAMP Mods Decline by 16% in September: Report

The Treasury Department released its monthly progress report on the administration's flagship foreclosure-prevention program Monday, and the results show that the Home Affordable Modification Program (HAMP) is continuing to lose steam. Servicers completed just 28,000 permanent HAMP mods during the month of September - 16 percent fewer than the previous month. More than half of all mortgage mods initiated under HAMP have been terminated, but officials say the program's ""rigorous standards"" mean better post-mod performance.

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Congressional Panel Sees Conflicts of Interest from TARP Contractors

The Congressional Oversight Panel has ""significant concerns"" related to accountability and conflicts of interest because of Treasury's extensive use of private contractors to carry out functions for the Troubled Asset Relief Program (TARP), particularly foreclosure prevention efforts. The largest TARP contracts were awarded to Fannie Mae and Freddie Mac. Fannie alone employs 600 workers on TARP's foreclosure programs, while Treasury has only 220 staffers working on all TARP programs combined.

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Industry Completes 149,000 Permanent Loan Mods in August: Report

New data released by the HOPE NOW Alliance Thursday shows that during the month of August, mortgage servicers completed approximately 116,000 proprietary loan modifications for homeowners and 33,000 mods under the Home Affordable Modification Program (HAMP), for a total of 149,000. The report also shows that foreclosures are continuing to increase, despite the strides made in foreclosure prevention efforts. In August, new foreclosures were initiated on 245,015 properties, while foreclosure sales were completed on 101,780.

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Mesa Law Group Enhances Loan Mod Program with New Reporting Tool

Mesa Law Group, a California firm with specialty financial services, recently announced the addition of a REST Report to its Loan Modification Preparation Program (LMPP). The new tool will aid clients in the loan modification process without the high cost of direct representation. According to Mesa Law Group, LMPP allows homeowners to organize finances and better navigate the demands of their lenders.

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OneWest Becomes Early Adopter of HAMP Principal Reduction Program

OneWest Bank, the Southern California regional lender that was formed out of the old IndyMac, announced Tuesday that it has implemented the new Principal Reduction Alternative (PRA) piece of the administration's Home Affordable Modification Program (HAMP). OneWest is one of the first servicers to officially launch the program, which was initially introduced by the Treasury in late March to provide some mortgage relief to the growing number of homeowners underwater on their mortgage.

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Fannie Mae Extends Alternative Modification Program

The latest in a string of government extensions is an extension to Fannie Mae's Alternative Modification (Alt Mod) to the Home Affordable Modification Program (HAMP). The extension is being provided so servicers will have enough time to complete the processing of modifications for borrowers who meet the eligibility requirements for the Alt Mod program, which remain the same.

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Amherst: One out of Five Borrowers Could Lose Their Home

If governmental policy on foreclosure prevention does not change, 11.5 million borrowers are in danger of losing their homes, according to the analysts at Amherst Securities. That staggering figure equates to one out of every five borrowers - an astronomical 20 percent default rate. So how can the administration fix deficiencies in its loan modification program? Amherst analysts say the answer lies in cutting borrowers' principal balances and boosting housing demand, including opening up financing channels for investors.

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