hamp: Legal Rights When HAMP Application is Denied
- 08/15/13 05:26 AM
There is potentially more good news for distressed home owners. Many home owners have attempted loan modification. On August 5, the U.S. District Court for the Northern District of California certified a class of borrowers who allege that a mortgage servicer wrongly rejected mortgage modification applications and improperly initiated foreclosure proceedings. Gaudin v. Saxon Mortg. Svcs., Inc., No. 11-1663, 2013 WL 4029043 (N.D. Cal. Aug. 5, 2013). The named plaintiff contends that a trial modification plan provided by her servicer constituted a binding contract that required the servicer to evaluate the borrower under the beleaguered Home Affordable Modification Program (HAMP)and, if … (0 comments)
hamp: Pluses and Minuses of the HAMP Program
- 07/30/13 08:32 PM
The Home Affordable Modification Program (HAMP) has been something of a disappointment nearly from its inception. After loudly touting the program’s ability to help 4 million borrowers, the current administration was forced to concede it had barely helped a fraction of that number and some advocates and administrators in the program actually came right out and declared the program to be a failure. However, in recent months, there has been a lot of discussion about how HAMP is finally gaining momentum. Hundreds of thousands of borrowers are getting the loan modifications that they desperately need. There is another, untold aspect of … (4 comments)
hamp: FINALLY Government Recognition that Foreclosure Relief has Been a Disaster
- 06/03/11 10:20 PM
he Obama administration's inability to stem the foreclosure crisis ricocheted dramatically on Friday, as the Labor Department released unexpectedly low job-growth numbers that pushed the unemployment rate back over 9 percent. The jobs report comes on the heels of both a devastating report that found housing prices hit new lows in March and warnings from economists that the tumbling real estate market threatens to drag the economy back into recession. "The jobs numbers, they ain't pretty, man," economist Jared Bernstein told HuffPost. Bernstein left the Obama administration last month to join the Center on Budget Policy and Priorities, a highly respected … (3 comments)
hamp: More on the troublesome TARP...None of this mess makes Sense..see below
- 03/17/11 08:38 AM
A congressional panel reported yesterday that the Troubled Asset Relief Program (TARP)’s final cost will “be less than expected, in part because it will accomplish far less than envisioned for American homeowners.” Had the government done enough to prevent foreclosures instead of paying “a heck of a lot more attention [to] Wall Street” then the bill would have been closer to the projected $700 billion instead of a mere $25 billion, reported Tim Massad, the acting assistant secretary for financial stability of the U.S. Treasury. The Treasury reported spending about $1 billion in TARP money for foreclosure prevention, with each … (0 comments)
hamp: Politics, Hypocrisy, Confusion and the Fiscally Confused
- 03/17/11 08:32 AM
How did you know that this was going to be a political view?? LOL Lest there be any confusion, the Obama administration firmly stated yesterday that “President Barack Obama would veto a Republican-backed bill killing his signature mortgage foreclosure prevention program”. In a statement from the administration, it was stated that the Obama administration “strongly opposes” House action to eliminate HAMP” and that the president’s “senior advisors would recommend that he veto the bill”. While the efforts to terminate HAMP and other foreclosure prevention measures are largely a Republican initiative as they seek to weed out unnecessary spending in the federal budget, … (1 comments)
hamp: More on HAMP, BofA
- 03/10/11 12:06 AM
In a recent sampling of 60-day (or more) delinquent mortgages, Bank of America determined that only 14 percent of them could qualify for a permanent HAMP loan modification. As Republicans in Congress take aim at HAMP and other government-sponsored homeowner assistance programs, numbers like these – in conjunction with the high costs of running such programs – are likely to make many think twice about keeping them around. And while the White House is threatening to veto bills that eliminate housing relief, more and more people are starting to question the efficacy of these programs. In total, HAMP has permanently … (2 comments)
hamp: Failures of HAMP, HAFA
- 03/09/11 09:42 PM
Congress is considering pulling th eplug on several federal mortgage relief programs including the well-known, but little success HAFA. The program has fallen far short of the goals of providing relief for millions of home owners. The government faults teh klenders and the lenders fault the government. My experience is that qualified homesa and home owners have been denied relief under most federal programs because of a case of extreme federal hypocrasy. Many of teh denied losn are denied because the real party in interest...the "investor" is Fannie Mae and Freddie mac and the two federal agencies do not participate … (2 comments)
hamp: Loan Modifications and More lender B.S.
- 01/15/11 04:42 PM
There is a disturbing trend in (lack of) loan modifications. Lenders are now maintaining that they cannot modify because the "Investor" does not participate in HAMP, etc. REALLY...the lender received TARP funds and a requirement was that THEY help distressed home owners in exchange. So now they are claiming that they do not own the Note. REALLY again, THEY are the ones foreclosing and not the "investor". BTW, the "investor" is frequently Fannie Mae. So we have a situation in which lenders received TARP money; promised to help deserving homeowners and are now saying that they cannot participate in a federal modification program because an investor owns the Note … (3 comments)
Author Bio: Paddy Deighan earned his Juris Doctorate and PhD Paddy consults with taxpayers in regard to tax liens, tax levies, tax levy, offer in compromise, tax debt, tax settlement
There is potentially more good news for distressed home owners. Many home owners have attempted loan modification. On August 5, the U.S. District Court for the Northern District of California certified a class of borrowers who allege that a mortgage servicer wrongly rejected mortgage modification applications and improperly initiated foreclosure proceedings. Gaudin v. Saxon Mortg. Svcs., Inc., No. 11-1663, 2013 WL 4029043 (N.D. Cal. Aug. 5, 2013). The named plaintiff contends that a trial modification plan provided by her servicer constituted a binding contract that required the servicer to evaluate the borrower under the beleaguered Home Affordable Modification Program (HAMP)and, if … (0 comments)
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