The “new and improved” Home Affordable Refinance Program (HARP) announced a couple weeks ago is designed to help those with mortgages sold to Fannie Mae or Freddie Mac prior to April 2009 that are current on payments but over the current market value. Restrictions on how far under water the mortgage can be have been [...]
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 [...]
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.
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.
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.
The Treasury Department now estimates that 1.4 million homeowners are still eligible for a HAMP modification. This is a 57% reduction from the original 2009 estimate of around 3.3 million homeowners who could qualify.
Three Republican congressmen have filed a bill proposing the end to the government’s controversial Home Affordable Modification Program, Reps. Jim Jordan (R-Ohio), Patrick T. McHenry (R- North Carolina), and Darrell Issa (R-California).
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