The Treasury unveiled new changes to the Home Affordable Modification Program (HAMP) that could streamline the process for homeowners.
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Although the numbers are improving, a third of loans modified by Fannie Mae and Freddie Mac early last year were delinquent after six months.
These loans were modified prior to implementation of Obama’s Home Affordable Modification Program.
DHW asks: Do you think loan modifications are making a difference?
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Tags: fannie mae, freddie mac, HAMP, home affordable modification program, loan modifications
Of the 760,000 homeowners to apply for a loan modification under President Obama’s mortgage relief program since March, only 31,000 have received permanent loan modifications. Bank of America was the worst performer of all the big lenders, completing only 98 loan modifications out of the 160,000 applications filed by the end of November. Even the [...]
Tags: bank of america, borrowers, HAMP, home affordable modification program, housing counselor, loan modification
The Wall Street Journal published an insightful op-ed piece by Edward Pinto. Mr Pinto sees two major shortfalls with the Treasury’s attempt to modify delinquent mortgages through the Home Affordable Modification Program (HAMP).
“The first shortfall is that the program doesn’t provide a clear process to triage the over 7.5 million delinquent loans.”
“It doesn’t take into [...]
Tags: edward pinto, HAMP, home affordable modification program, Housing, loan modification, short sale, treasury, wall street journal
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