The U.S. Treasury Department’s latest report on the Home Affordable Modification Program (HAMP) shows that only 26,000 homeowners qualified for a permanent modification in August, the third month of declines in the number of HAMP-approved modifications. Another 26,500 qualified for a trial modification in the same month. The number of eligible homeowners has been steadily [...]
Excellent news for people who specialize in short sale investing. The second quarter Office of the Comptroller of the Currency Mortgage Metrics Report covers mortgage performance on loans reported by a selection of national banks and federal savings and loans representing 63% of all outstanding loans in the United States. Performance of HAMP modifications, foreclosure [...]
Posted on September 15, 2011 in
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About $45.6 billion was originally allocated in the Troubled Asset Relief Program (TARP) to help homeowners through the loan modification (HAMP), refinancing program (HARP) and foreclosure alternative (HAFA) programs. The government claims it is on track to spend about $7.2 billion of this money before these programs sunset in 2012, however, only around $2 billion [...]
Hamp News: The Treasury Department announced that it would not pay Home Affordable Modification Program (HAMP) incentives to the three largest servicers because of their lackluster performance in the program. The servicers affected are Bank of America, JPMorgan Chase and Wells Fargo. The announcement came after Treasury reviewed three major components of the program: homeowner [...]
The Congressional Oversight Committee (COP) issued its final report on the Troubled Asset Relief Program (TARP). The report concentrates particularly on the efforts as loan mediation through HAMP and other foreclosure programs.
Since its inception, HAMP has helped only half a million homeowners. That is only 1/6 of the three to four million distressed homeowners that the program promised to keep out of foreclosure when it was being created. Despite its under-performance, Administration officials have advised President Obama that HAMP should be retained. Obama for his part [...]
Bank of America researchers recently completed a survey of homeowners who are 60 days or more delinquent in paying their mortgages and concluded that only 14% of these homeowners would be eligible for a HAMP loan modification under the current rules.
One of the sharpest critics of the Administration’s Home Affordable Modification Program (HAMP) in recent weeks has been the TARP Inspector General, Neil Barofsky. Now Barofsky has announced his resignation from TARP this month.
The House Financial Services Committee has taken up the investigation of whether to keep or cut four programs that are the cornerstones of the Administration’s foreclosure-fighting programs. Specifically, the Insurance, Housing and Community Opportunity Subcommittee has been holding hearings this past week on HAMP, HUD’s Neighborhood Stabilization Program, the FHA Refinance program, and the Emergency Mortgage Relief Fund.
Posted on March 8, 2011 in
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Fannie Mae,
HAFA,
HAMP,
economy,
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freddie mac,
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Rep. Spencer Bachus (R-Alabama), chair of the House Financial Services Committee has announced that there will be a hearing on four bills that would eliminate the major Obama Administration foreclosure housing programs: Home Affordable Modification Program (HAMP), the HUD Neighborhood Stabilization Program, the FHA ShortRefi Program, and the Emergency Homeowner Relief Program passed under the Dodd-Frank Act. Bachus labeled all of these programs ineffective and in many ways harmful to the very people they were designed to help.
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