Keyword: HAMP
Obama housing plan helps its one millionth homeowner
Housing plan helps one million The U.S. Treasury Department reported today that since the Obama administration launched their foreclosure prevention program in 2009, nearly one million homeowners have been given permanent modifications to their mortgages, reducing their monthly payments. The housing plan gives mortgage servicers incentives to modify mortgage loans by cutting interest rates, deferring a portion of the loan ...
While reporting on foreclosure fraud, journalist discovers he too is a victim
Chain of title flawed in “nine out of ten” cases Nevada is ground zero for foreclosures in the wake of the housing crisis and foreclosure fraud is unquestionably rampant given the robo-signing debacle wherein thousands of homes were foreclosed upon by foreclosure mills without any human overview, rather processed electronically. A recent study found that MERS had destroyed the chain ...
HAMP modifications increased 58 percent in September
A change in tides It is still argued that the $75 billion taxpayer funded Home Affordable Mortgage Program (HAMP) remains a colossal failure, taking heat from both sides of the aisle for failing to help most of the homeowners that the program was designed to rescue. President Obama is often the target of that heat and HAMP continues to be ...
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Class action lawsuit filed against Wells Fargo for illegal HAMP denial
Borrowers allegedly misled, defrauded A new class action lawsuit against Wells Fargo claims that the bank illegally refused to grant permanent loan modifications promised to homeowners who successfully completed a trial mortgage modification under the Home Affordable Modification Program (HAMP). It was discovered that the $75 billion government funded program failed to grant permanent modifications nearly half of the time, ...
Obama issues executive order to fix housing, supporters and critics clash
Executive order to alter HARP President Obama announced today what is being dubbed the “we can’t wait plan,” introducing the next phase of the Home Affordable Refinance Program (HARP), altering the current program without Congressional approval, saying that “we can’t wait.” With persistent instability in a struggling housing market, two main camps have formed- the “let the market tank and ...
GMAC speeds up foreclosures for HAMP applicants, Treasury buries the abuses
First Fannie, now HAMP In a recent report from the FHFA inspector general, it was publicly noted that since 2003, Fannie Mae and Freddie Mac knew that the law firms they had hired to process foreclosure documents had submitted false or unreviewed foreclosure filings in an effort to pump up their stats (since they get paid per successful foreclosure). The ...
Uncle Sam’s newest plan – one million refinanced mortgages
Uncle Sam wants YOU (to refinance… if you can) If there is one thing that our government officials are not, it is quitters. After a disastrous failed effort to help struggling homeowners modify their mortgages in the form of HAMP and the catch-all emergency loan effort to help the homeowners that fell through the HAMP cracks, Uncle Sam is taking ...
Failed HAMP program blamed for onslaught of zombie homes
Zombie infection in America In recent years, the term “zombie homes” has slowly grown in popularity as a term to describe the sitting foreclosures across the nation that pull down home values and infect neighborhoods with other zombie homes. Most recently used in CityWeekly.net, the Home Affordable Mortgage Program (HAMP) is the source of the zombie housing apocalypse, saying the ...
White House talks tough again about banks, threatens to withhold funds
Today, the US Treasury Department announced they would withhold incentive payments to JP Morgan Chase, Wells Fargo and Bank of America until their performance in the Home Affordable Modification Program (HAMP) improved. The Obama administration has taken considerable heat for the colossal failure of HAMP which was originally intended to help struggling homeowners, but after lost paperwork, documented stall tactics ...
Homeowner sues lender, alleges it uses HAMP to lure customers
Why Realtors should know these lawsuits In today’s economy, real estate professionals are being asked for help and guidance by struggling homeowners and agents should be aware of the changing scenery (and dangers), and know options for consumers in trouble. A Realtor’s value really shines through when they help a consumer when it isn’t about a commission. Consumers don’t forget ...
House Committee approves cuts to HAMP and several other programs
We’ve been writing for a long time about the disastrous Home Affordable Modification Program, Obama’s well intentioned yet failure of a program to intervene with struggling homeowners. HAMP is famous for spending taxpayer money with little return- few homeowners have actually received a modification, most end up in limbo and there are even claims of lost paperwork and stall tactics ...
Loan modifications fail, Obama asks banks to pony up
The good intentioned programs set forth by the Obama Administration to aid struggling homeowners have failed. Last week, we checked in on the Home Affordable Modification Program (HAMP) and revealed that the rate of failure had accelerated. The HAMP program promised to relieve three to four million homeowners in America and over a year into the program, barely half a ...
Benn Rosales
Conal Campbell
Elijah May
Lani Rosales
Tara Steele
Marti Trewe
Charlene Jimenez
