hamp: 70% of Modifications in May Were Non-HAMP says Report
- 06/28/10 02:40 PM
Mortgage servicers completed 112,088 loan modifications through their own proprietary programs in May, according to a report released this week by HOPE NOW. That compares to 47,724 new permanent modifications under the government’s Home Affordable Modification Program (HAMP) during the same month.Altogether, just over 159,000 mortgage modifications were completed in May, bringing the total number of mods for the year to 800,536, HOPE NOW’s data shows.According to Treasury, 49 percent of homeowners who do not qualify for a permanent HAMP plan have been placed in an alternative servicer modification with comparable payment reduction benefits.In addition, HOPE NOW says private-sector servicers completed … (0 comments)
hamp: Inspector General Casts Shadow on New HAMP Programs
- 04/21/10 02:17 PM
Neil Barofsky, special inspector general for the Troubled Asset Relief Program (SIGTARP), has been highly critical of the government’s foreclosure prevention programs inrecent months. On Tuesday, he released his quarterly report to Congress, and put the administration’s new initiatives to help unemployed and underwater homeowners under the microscope.He said to the Treasury’s credit, the changes are an important step forward in addressing the flaws of the Home Affordable Modification Program (HAMP) – in particular expanding borrower participation and addressing re-defaults driven by negative equity – but raise several issues that could impede the program’s effectiveness.Barofsky said in the report, “Treasury’s urgency … (0 comments)
hamp: Moody's Anticipates a Spring Thaw for Housing
- 04/16/10 02:03 AM
The end of the housing correction is looking closer, as the job market finally turns the corner, investors step up home purchases, and the Obama administration revamps its foreclosure mitigation efforts, according to Moody’s Investors Service.“These forces lift our outlook for house prices slightly,” the credit ratings and research agency said in its ResiLandscape report issued this week.Moody’s noted that in March the job market turned in its best performance in three years, with payroll employment increasing by 162,000. While the market is still very much in transition, Moody’s says the March numbers mean “it is safe to say that the … (0 comments)
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Mortgage servicers completed 112,088 loan modifications through their own proprietary programs in May, according to a report released this week by HOPE NOW. That compares to 47,724 new permanent modifications under the government’s Home Affordable Modification Program (HAMP) during the same month.Altogether, just over 159,000 mortgage modifications were completed in May, bringing the total number of mods for the year to 800,536, HOPE NOW’s data shows.According to Treasury, 49 percent of homeowners who do not qualify for a permanent HAMP plan have been placed in an alternative servicer modification with comparable payment reduction benefits.In addition, HOPE NOW says private-sector servicers completed … (0 comments)
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