hamp: Government Triples Lender Incentives for HAMP Principal Reductions
- 01/28/12 12:40 AM
Distressed homeowners in Maricopa Arizona may see some relief in the form of principal reductions. But don't hold your breath! The Obama administration announced that they are making a few changes in the HAMP program. Among them is tripling the incentives they offer to investors that agree to reduce principal. In addition, they are allowing second motgages to be factored into the mortage payment to income ratio. Investors also may find some relief as rentals will also be allowed into the program. How much these changes will actually help homeowners remains to be seen due the the ineffectiveness of the program in … (3 comments)
hamp: Hamp Modifications on the Upswing
- 01/10/12 01:17 AM
According to this article published by DSNEWS.com, the Treasury Department reported that nearly 910,000 homeowners have received a permanent HAMP modification to date, saving an estimated $9.9 billion in monthly mortgage payments. I have been rather skeptical of this program in the past but it appears that the recent rule changes and streamlining of the system are having some impact. I still tell my homeowners not to "bank" on it (a little joke there!) but at least it seems to be a viable option. If, in fact, the modification fails or is not good enough to make financial sense to the … (2 comments)
hamp: House Votes to End Hamp
- 03/30/11 01:53 AM
What the headline doesn't tell you is that the Senate is unlikely to pass this bill and it will be vetoed by Obama regardless. Instead of wasting all this time on a bill that will go nowhere I wish they would just sit down and fix this thing. The Obama administartion is in denial and still feel that this is a good program even though only $1.2 billion of $30 billion has been used over halfway through the program. This issue is obviously being used as for political leverage. The Dems want to point out how badly the Obama administaration is performing … (1 comments)
hamp: Why Loan Modifications Don't Work
- 03/09/11 12:29 AM
This is a great article that dives into the issues surrounding loan modifications nad wht they are not getting done. The media continues to offer homeowners hope that lenders really want to work to find solutions but, if that were the case, why do I only know of one person in Maricopa AZ in three years to receive a modification that makes sense? http://bit.ly/h1iKwb
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hamp: HAMP Needs to Go!!
- 03/02/11 02:12 AM
We can debate all day long about the reasons why this program is not successful but this article points out that this is an understatement. According to Katie Jones, analyst of housing policy of the Congressional Research Service, only 3% of the intended funds for this program have been dispursed. And we are now at the half way point of the program! The good news is that it has saved the taxpayers some money. The bad news is that is still takes a LOT of money to run this program and what these folks are doing on "our" time is beyond … (2 comments)
hamp: HAMP Elgible Borrowers Cut in Half
- 02/01/11 01:37 AM
Surprise! Surpirise. I'm not sure why it has taken so long for the government to acknowledge this but now at least they know what we have known for quite some time. This atricle does not paint a very good picture for the program and once again points out that the lenders are not all that eager to use HAMP. It makes me wonder that if the government cannot even get cooperation form the lenders for their "pet" project, how in the world are they going to begin to address any issues with Freddie and Fannie? http://bit.ly/f9p1jD
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hamp: Bill Introduced to Eliminate HAMP
- 01/28/11 08:19 AM
Reps. Jim Jordan (R-Ohio), Darrell Issa (R-Calif.) and Patrick McHenry (R-N.C.) introduced a bill to eliminate the HAMP program citing that "HAMP is a colossal failure". This comes on the heals of another bill that was introduced to elimante funding to HUD. It would appear to me that this is just "party politics" to keep the pressure on the Obama administration to do something about the government's involvement in the housing market. As we all know, a report is expected out soon on Obama's plan for Freddie and Fannie. Apparently, the State of the Union address asking for party unity is … (2 comments)
hamp: Bank of America Having HAMP Troubles
- 11/19/10 12:31 AM
This article outlines some of the problem with the HAMP program and states that B of A accounts for nearly half of the HAMP backlog. The numbers they quote do not offer promising news for homeowners attempting a loan modification. I'm not sure about what all of you have experienced, but the HAMP program is essentially worthless in my community of Maricopa Arizona. Either my clients do not qualify or the solution offered is not enough to ease their financial distress. Either way, the process is taking way too long and is just moving the homeowner closer to their dreaded sale … (1 comments)
hamp: Monday "Cup of Coffee" Reviews Last Week's Lender News
- 11/01/10 02:27 AM
For thise of you that may have missed some of the relevant topics of the past week, this article is a quick hitting summary. Not a lot of surprises for most of us but it will bring you up to speed on the latest developments in quick fashion. Enjoy! http://bit.ly/94Ts4L
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Distressed homeowners in Maricopa Arizona may see some relief in the form of principal reductions. But don't hold your breath!
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