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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 of final [...]
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 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 this [...] 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 short-sale or 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 in [...] 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) |
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