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).
The Home Affordable Foreclosure Alternatives program has received its share of criticism. In December the California Association of Realtors (CAR) voiced its concerns about the program to the Treasury Department. CAR members complained that Lenders very frequently fail to meet the required deadlines and other rules for responding to Short Sale offers. The program mandated payments are often too small to entice many lenders to settle on a Short Sale offer.
On October 1st Congress approved $1 billion for the Emergency Homeowners Loan Program (EHLP) under the Dodd-Frank bill. According to Senator Bob Casey (D-Pennsylvania) the program has yet to distribute any of the funds to the 32 states plus Puerto Rico that are eligible to receive the assistance for their unemployed homeowners.
The HOPE NOW alliance of major lenders just celebrated its fourth year of helping homeowners to modify their loans. A total of 1.65 million homeowners have received loan modifications through November 2010.
The December HAMP Scorecard shows that the major loan servicers have failed to act on 266,136 delinquent mortgages. These loan modifications have either been canceled out of trials or failed to qualify for a modification as of October. The backlog has increased 22% since the first report on failed trials and loan modification requests in July. As of October 1.5 million loans have either failed to go past trial or never qualified in the first place.
A Congressional Oversight Committee report admits that the Home Affordable Modification Program will save far fewer homes than was expected when the program was put into place in 2009. Major conclusions:
The Treasury Department has taken Wells Fargo, Bank of America and JPMorgan Chase to task for their approach to distressed homeowners and their applications to the Home Affordable Modification Program (HAMP).
On September 21 it became necessary for certification to be filed for any homeowner receiving assistance under Make Home Affordable attesting that the borrower or co-borrower has not been convicted within the last 10 years of a crime related to a real estate or mortgage transaction.
Only 331,000 of the 975,000 loan modifications that have been completed to date have been written under the federal government Home Affordable Modification Program (HAMP); the rest are the result of proprietary loan modifications from servicers and lenders.
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