The Banksters Are Smoking . . . HAMP?!?!?

Reblogger Paul Francis
Real Estate Agent with Francis Group Real Estate

An Interesting read on the Banksters and short Sales..

Pay Attention to the comments concerning the Executive representing Bank of America..

Original content by Carla Muss-Jacobs, RETIRED Inactive License Oregon

The Banksters are SMOKING . . . HAMP!!!

Things bother me.  A lot of things.  When I can't sleep, I turn on TV, and the yawn feast found in the wee hours of early, early morning programming usually knocks me out faster than two shots of Grey Goose.

This morning, I watched -- WITH INTEREST -- the C-Span coverage of FORECLOSURE PREVENTION!

The House Oversight & Government Reform Committee hearing had the who's who of the banking world.

"Loan service executives testified on foreclosure prevention efforts, focusing on the implementation of the Home Affordable Modification Program (HAMP).


  • Michael Heid, co-president, Wells Fargo Home Mortgage, Wells Fargo & Co. ·
  • David Lowman, CEO, Chase Home Finance, Inc., JP Morgan Chase Bank ·
  • Sanjiv Das, CEO, CitiMortgage Inc. ·
  • Barbara J. Desoer, president, Bank of America Home Loans ·
  • David Friedman, president and CEO, American Home Mortgage Servicing Inc

I found it to be pretty non-partisan, a few plugs for and against Pres. O . . . but for the most part, the grilling was saved for the Witnesses . . . who bore testimony, I might add, that $75 BILLION was put aside for HAMP.  That's $75 Billion of TAXPAYER MONEY . . . and only $700M was spent. 

Don't think it's a good thing that they're not spending the money.  They're not spending what was EARMARKED to HELP PEOPLE!!  And why is that?  Because they would rather foreclosure! 

Ms. Desoer actually does know which side of her bread is buttered, and that would be the INVESTOR side!  She talked about "the investors" over and over again . . . and how concerned she was for them.  

My HERO was Rep. Mike Turner from Ohio:

"THE ANECDOTAL STORIES THAT WE HEAR FROM REALTORS, FROM NONPROFITS THAT ARE TRYING TO ASSIST HOMEOWNERS is that the loan servicers are not responsive. . . it's an incredibly difficult process . . . In fact, you are making decisions that don't follow the market.  That when there are short sales that are offered, that in fact, you allow the loan to go into foreclosure."

Let me REPEAT what Mr. Turner said:  "That when there are short sales offered, that in fact, you allow the loan to go into foreclosure."

EXACTLY!!  I need to buy that guy a beer!

Mr. Turner then suggested that it would be even more helpful to not have a panel of just loan servicers, but a panel with Realtors(r) and social workers on one side, and loan servicers on the other.  And then he goes on to say . . . "Because we're hearing a different story than what you're telling us today."

What the Bankster Pimps were testifying to before the The House Oversight Committee is how they're trying . . . really, really trying to help people stay in their homes, and not foreclosure on them. 


  • Scroll down to "Transcript"
  • Go to minute marker 01:16:31
  • Click on it . . . and listen very carefully to Mr. Turner -- HE IS SAYING A MOUTHFUL -- HE SPEAKS FOR ME -- And, I'm not even in OHIO!!
  • Mr. Turner's time was running out, and he was talking fast, but LISTEN TO HIM!!  LISTEN TO WHAT HE HAS SAID!!

    Unfortunately, C-Span doesn't have this set to embed and/or share, otherwise, I would have had it here for you.

    I thought the entire hearing was fascinating, and everyone on The House Committee was extremely good, and I thought they were geniue . . . they WERE TALKING ABOUT THE AMERICAN PEOPLE in their communities.  I think some people in Washington are listening.  Not enough.  But some.

    The other members of the committee were very good!  But Mr. Turner SPOKE.

    And by the way . . . HAMP is set to END this October 2010.  I'm sure the Bankster Pimps are really happy about that!  They like "F'ing" people  . . . FORECLOSING!!


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    Lori Bowers
    La Quinta, CA
    The Lori Bowers Group

    We have been doing alot of short sales in The Palm Springs, Ca. area for over 3 years. It does seem that more are being accepted within 1-2 months and even sooner. We have good system in place. I feel the key is to have a well - comiled complete package for the bank with the loan number on each page and then follow up daily. As we all know, the sqeaky wheel, gets the oil.

    I also email President Obama with my furstrations at least 2 a month. I do get acknowledgement back which is impressive. The local Senator Barbara Boxer and Congress wonman Mary Bono- Mack do not even respond. How sad is that!

    Jun 26, 2010 01:14 PM #1
    Harry F. D'Elia III
    RentVest - Phoenix, AZ
    Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

    Thanks for reblogging this information for us today.

    Jun 26, 2010 01:32 PM #2
    Balboa Real Estate San Diego, CA - San Diego, CA

    Too little, too late. It's sad the whole mess. I wish I had some answers..I see so many folks that are suffering and IMHO needlessly.  Just like you said: "when there are short sales offerred and they allow the homes to go into foreclosure".  Makes no sense to me. I am losing alot of confidence in this great nation. Someone is asleep at the wheel.

    Jun 26, 2010 01:40 PM #3
    Paul Francis
    Francis Group Real Estate - Las Vegas, NV
    Las Vegas Real Estate Agent - Summerlin Homes

    @ Lori, Harry & Deborah,

    I'm watching the C-Span video right now... Yawn!

    Personally... I've been one of the ones that think too many beauracratic government programs create more confusion then long term sustainable solutions. Combine those with Big Banks with departments that don't know what the other department is doing and you just have a big mess as personally seen.

    In other words... everything has just been delaying the inevitable.

    I just posted something on my main Las Vegas Real Estate blog tracking the Las Vegas REO inventory for our market after the Tax Credit expired. So many programs have only delayed the inevitable for homes to reach the market available for a fresh start with fresh buyers / fresh new homeowners that are not going to be strapped with bloated mortgages debting them to death.

    Now that the big tax incentive is over... the REO inventory is going back up pretty fast in our area.

    Trying to do too much at one time is going to eventually end up being a big, big mistake.

    Minute 52:50 of the C-Span Video, Edward Pinto, a Real Estate Financial Services Consultant makes a statement that HAMP has only delayed properties hitting the market available for sale.

    As I'm personally seeing in our market from looking at the inventory on our MLS and my price change notifications, those properties are now coming and one of the biggest incentives to buy (besides price)... is now over.

    75 Billion for HAMP plus the couple of hundred Billion plus given to Fannie Mae & Freddie Mac is going to be eventually flushed down the toilet in my opinion...



    Jun 26, 2010 02:17 PM #4
    Hercel Spears
    Advanced Realty Education HomeSmart Realty - Tempe, AZ



    I think your comment hits the nail on the head.  Rather than re-type my whole hearted AMEN,  see this post:

    Thanks again for seeing it, and calling it like it is.

    Hercel Spears

    Jun 30, 2010 02:54 AM #5
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    Paul Francis

    Las Vegas Real Estate Agent - Summerlin Homes
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