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home affordable modification program: The Mortgage Modification Conspiracy - 08/27/10 04:55 PM
Image via Wikipedia This is why homeowners are screwed. You can either read this with an open mind or continue to believe in loan modification fairy dust. There are also a few bad words here and there to emphasize the vulgarity of this subject.
It has been three years since I started preaching the loan modification gospel from my blogging pulpit here on LoanSafe.org and over on my other blog, LoanWorkout.org. I have come to the conclusion recently that the vast majority of struggling homeowners who cannot maintain their current mortgage contracts are on the foreclosure creek without a loan modification … (2 comments)

home affordable modification program: Ocwen is the Loan Modification Leader in Federal HAMP Program - 06/25/10 03:56 PM
Ocwen Financial Corporation, servicer of subprime mortgages, continues to direct the industry in main routine metrics under the government’s Home Affordable Modification Program (HAMP).
The U.S. Treasury’s just-released HAMP record card verifies Ocwen’s better performance on three critical fronts: % of trial modifications changed into permanent solutions, aging of trial modifications and a new metric initiated in this report card, “Trial Length at Conversion (months).”
The report card shows Ocwen’s Trial Length at Conversion is three months, significantly faster than the four to over seven months accounted for the larger banks that are HAMP servicers. A three-month trial length is certainly … (0 comments)

home affordable modification program: Wells Fargo Reports May 2010 Modification Activity - 06/22/10 01:51 PM
DES MOINES, Iowa, June 21, 2010, Wells Fargo said today that since the beginning of 2009 through May 31, 2010 the company has done 498,860 active trial and completed modifications through the government’s Home Affordable Modification Program (HAMP).There were a total of 412,102 non-HAMP trial and permanent modifications and 86,758 HAMP active trial and permanent modifications, including 40,759 permanent modifications.
In the first quarter of 2010, about 92% of Wells Fargo’s borrowers were current on their mortgage payments, according to the May 21 edition of Inside Mortgage Finance, and the firm's default and foreclosure rates were about three quarters of that … (3 comments)

home affordable modification program: Are Banks Transferring Mortgage Losses On Investors? - 04/21/10 07:35 PM
The Association of Mortgage Investors today released the following statement in response to Q1 earnings reports by Bank of America, Citigroup, JP Morgan Chase and Wells Fargo, “Each of the big four banks earned multiple billions in net profits this quarter.” The current approach to solving the foreclosure crisis is falling well short of potential, and the market needs lasting solutions for non-performing mortgages. The banks remain conflicted by their immense investments in portfolios of home equity loans and lines of credit and servicing fees. While they have aggressively modified first mortgage debt, they have yet to nothing on second mortgage … (0 comments)

 

Moe Bedard

Carlsbad, CA

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LoanSafe.org

Address: Carlsbad, Ca, 92008

Office Phone: (760) 896-4666

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My name is Moe Bedard and I am Founder of LoanSafe.org and LoanWorkout.org. My mission is to educate consumers online about the loan and mortgage process in order to to help them make the best financial decisions. I am one of the few people on earth who place humans before profits.


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