waterfall criteria: HAMP'n in the 'HOOD! - 10/07/09 11:00 AM
Home Affordable Modification Program (HAMP) Update
Freddie Mac has been reduced to going door to door to attempt stopping foreclosures. Well...wonder how they are being received by their beleaguered mortgagees? Anybody seen Freddie on your street yet?
$4.7 Billion headed to the usual suspects: To date, our modification partner's experience with the primary originating banks of so many distressed homeowners has been pretty hard going. Oddly, the HAMP program has not been all that popular with some of the biggest banks with the highest foreclosure rate. Namely Countrywide, GMAC, Citi, National City Bank. So to encourage these big banks to actually USE the government foreclosure … (4 comments)