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Lenders Reluctance to Use “Hope for Homeowners” Program Leads to Changes
Roland Carillo, Manager of Van Dyke Mortgage in North Carolina wrote this blog that more or less agrees with what I said in October that caused a pretty heated exchange. In late November I also went into the changes Roland talks about here. All in all, the only loans I know of being made under the H4H program are those being made "in house." In other words, companies like Wells Fargo will only make a H4H loan to one they already own. Even with the changes, H4H is not showing much progress in helping people. I normally close out comments on a re-blog, but this one will stay open. This is a subject I have been very vocal on and expect others should have the same opportunity. Also, feel free to post on Roland's original blog. Thanks for your comments!
A few months ago while testifying before Congress, lenders praised the government's foreclosure prevention program but indicated that they preferred to use their own modification programs.  As part of the housing rescue bill passed by Congress in July (not to be confused with the bailout bill passed in October), homeowners in trouble have been able to refinance their mortgages with the backing of ... more

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