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 | Dennis Norman The U.S. Department of the Treasury and the Department of Housing and Urban Development today released their “October 2010 Scorecard”on the “Obama Administration’s Efforts to Stabilize the Housing Market”. The scorecard points out the success of “The President’s housing market recovery efforts”but does point out that “data in the scorecard [...] Ted Gayer,Co-Director of Economic Studies,Brookings Institute The U.S. Department of the Treasury and the Department of Housing and Urban Development released June data for the Obama administration’s Home Affordable Modification Program (HAMP). HAMP is the foreclosure prevention program targeted at borrowers who are delinquent in their mortgage payment or facing imminent risk [...] Dennis Norman According to data from NeighborWorks America,a national nonprofit organization created by Congress to provide community-based revitalization efforts, every 13 seconds in America,there is another foreclosure filing. This means there are more than 6,600 home foreclosure filings per day and currently,more than 4.5 million households are at risk of foreclosure. [...] UPDATE- June 2,2010:The National Association of REALTORS obtained answers from the Treasury Department on 3 common questions about HAFA: agents are not permitted to rebate a portion of their commission to the buyer,sellers who are real estate agents must list their home for sale with another broker,not their own broker,and [...] Dennis Norman The Treasury Department Plans to Spend $50 Billion on HAMP…Is it Going to “help keep “3 to 4 million Americans in their homes”as Promised Though? Last week Herbert M. Allison,Assistant Secretary for Financial Stability for the U.S. Department of the Treasury,testified before the House Committee on Oversight and Government Reform [...] Dennis Norman Back in early December I did a post about a new program that was announced in November,the Home Affordable Foreclosures Alternative (HAFA) Program which is scheduled to go into effect April 5,2010. There was recently supplemental documentation published as well as FAQ’s about the program and I have to admit,[...] Dennis Norman Bank of America announced that it is the first mortgage servicer to sign an agreement formally committing to participation in the pending second-lien component of the federal government’s Home Affordable Modification Program (HAMP). Bank of America has systems in place to begin implementing the Second Lien Modification Program (2MP) with the release [...] Dennis Norman This week the Treasury Department issed a report which included stats on the Home Affordable Modification Program (HAMP) which is part of the Obama administrations’Making Home Affordable Program and “is a loan modification program designed to reduce delinquent and at-risk borrowers’monthly mortgage payments”. The HAMP program got underway around March [...] Dennis Norman This week the Treasury Department issed a report which included stats on the Home Affordable Modification Program (HAMP) which is part of the Obama administrations’Making Home Affordable Program and “is a loan modification program designed to reduce delinquent and at-risk borrowers’monthly mortgage payments”. The HAMP program got underway around March of [...] Dennis Norman Last week the Treasury Department announced the Home Affordable Foreclosure Alternatives Program (HAFA),the latest program under the Home Affordable Modification Program (HAMP),designed to offer alternatives to homeowners facing foreclosure. THE HAFA PROGRAM: The Home Affordable Foreclosure Alternatives Program provides financial incentives to loan servicers as well as borrowers who do a [...] Dennis Norman Yesterday the Federal Housing Finance Agency (FHFA) reported that Fannie Mae and Freddie Mac’s trial mortgage loan modifications under the Obama Administrations Home Affordable Modification Plan (HAMP) were up more than 40 percent in September 2009 from the previous month. According to the report, mortgage loans that are 60-plus-days delinquent increased to 1,401,000 borrowers [...] Wells Fargo recently announced that,in the first half of 2009,through lower rates,refinances and modifications,it alone has helped nearly one million American homeowners lower their mortgage payments or restructure their mortgages. Included in the loan modifications were: Approximately 750,000 loans refinanced using the Home Affordable Refinance Program (HARP) More than 200,000 modifications [...] | ||||
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