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Tag Archives: HAMP

Senators Introduce Own Legislation to End HAMP

With so much attention focused on the House's efforts to stamp out four federal foreclosure programs, a bill making its way through the Senate - which like its House counterpart would effectually terminate the Home Affordable Modification Program (HAMP) - has received less attention but is progressing nonetheless. Pundits insisted such legislation would fall flat in the Senate, but members of the chamber's Banking Committee are pushing their bill forward on the argument that the free market, on its own, is working where government programs are faltering.

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HomeFree-USA Alleviates Lost Mod Paperwork with HOPE LoanPort

HomeFree-USA recently revealed its success in assisting struggling homeowners by using HOPE LoanPort, a Web-based system to submit home retention applications to mortgage servicers. HomeFree-USA, which oversees a network of 65 housing counseling agencies, endorses the HOPE LoanPort system for eliminating lost paperwork and reducing decision times on loan modification applications.

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Senators and Top Servicers Increase Assistance for Military Members

Senators and banks across the country are joining forces in order to provide mortgage protection for members of the military. After reports that some members of the military and their families are struggling to remain in their homes, senators announced an act to protect servicemembers from abuses. In a similar effort, two of the top servicers have announced plans to help protect members of the military from foreclosure and high credit costs.

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House Votes to End Emergency Homeowner Relief Program

On Friday the U.S. House voted to end the Emergency Homeowner Loan Program for borrowers who are unable to make their mortgage payments because of unemployment. The fund was established under the Dodd-Frank Act to provide interest-free loans to homeowners for up to 24 months while they look for new employment. This is the second House vote to end a foreclosure mitigation program that some lawmakers claim just isn't working. The bills are not expected to pass the Senate.

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House Votes to Terminate FHA’s Short Refi Program

The U.S. House of Representatives has passed legislation to end the Federal Housing Administration's (FHA) Short Refi Program aimed at helping homeowners who owe more on the mortgage than their home is worth obtain a new FHA-insured loan with a reduced principal. In a 256 to 171 vote Thursday evening, the House approved the FHA Refinance Program Termination Act, the first of four bills targeting federal foreclosure mitigation programs.

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Lawmakers Demand Answers from Treasury on Proposed Settlement

More backlash from the 27-page proposed servicer settlement developed on Wednesday when representatives from the House Financial Services Committee voiced their disapproval and concern in a letter to Treasury Secretary Timothy Geithner. The letter, signed by committee chairman Spencer Bachus and four other members, was obtained by DS News on Thursday. It contains a page of questions the group wants answered, with a great deal of attention focused on principal write-down mandates.

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Foreclosure Sales in January Up, Permanent Mods Down

Data released Thursday from HOPE NOW shows that while permanent loan modifications outpaced foreclosure sales in the month of January, the gap between the two is getting smaller. In January there were around 101,000 permanent loan modifications completed, down from 111,000 in December 2010. Servicers' proprietary modifications outpaced HAMP mods by almost three to one. At the same time, foreclosure sales in January totaled 73,000, up from 58,000 the month before.

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Committee Advances Bills to End Two More Foreclosure Aid Programs

The House Financial Services Committee voted Wednesday to send two bills to the full House that would terminate the Home Affordable Modification Program (HAMP) and HUD's Neighborhood Stabilization Program. The committee says the bills would prevent $30 billion in taxpayer funds from being spent on ""ineffective"" programs. Already, the House has cleared the way to begin deliberations this week on the two bills advanced by the committee last Thursday to end FHA's Short Refi Program and the Emergency Mortgage Relief Program.

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Federal Foreclosure Programs to Cost Less than Expected

Members of the House Financial Services Committee are advocating for the termination of federal foreclosure relief programs largely based on the argument that their cost outweighs the benefits. Committee members are scheduled to vote on bills ending the Home Affordable Modification Program (HAMP) and HUD's Neighborhood Stabilization Program (NSP) on Wednesday. Information provided by the Congressional Research Service indicates that the price tag for the government's foreclosure mitigation programs will come in well below earlier estimates.

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Senators Advocate Restructuring Foreclosure Programs and Processes

While both the House and Senate seem to have similar ideas - that changes in foreclosure prevention are needed, and fast - the groups seem to have completely different takes on how to achieve those changes. This week members of a House committee reviewed proposals advocating for the termination of four foreclosure prevention programs and voted to send two of those proposals to the full House. Meanwhile, senators sent a letter to several government agencies, urging them to modify the very programs the House will consider terminating.

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