HAMP - Short Sale Fundamentals

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15
Aug
Are Loan Mods Working?

Are Loan Mods Working?

It appears from the latest data that loan mods are actually coming along really well. Just this year there have been 385,000 mods made permanent, bringing the total to date up to 5.6 million. This is definitely a huge step for the market. I know there’s tons of doubt about whether the new loan terms,...

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05
Mar
HAMP’s Bad Ratings

HAMP’s Bad Ratings

HAMP – it’s still on some people’s minds. Not mine all that much but if people are talking about it I want to make sure to set the record straight. Basically, it’s become clear that lenders have very little interest in adhering to the program. They stand to gain much more by scamming the system...

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09
Dec
“Almost” a Million Mods

“Almost” a Million Mods

A million is a nice round number and in the world of real estate we don’t always manage to get to nice round numbers. What I’m talking about right now is the number of loan modifications that have become permanent since the start of the year. Now let’s be clear, the actual number is NOT...

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10
Jun
HAMP’s grade – F+

HAMP’s grade – F+

You’ll actually be given a chance this month to look beneath the surface of the HAMP program. That is, if you happen to read the Treasury’s monthly report on the program. I’m sure you’re racing to the newsstand right now, aren’t you? No, you’re not. And do you know why? Because you can count on...

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15
May
Obama’s Pretty Please to Banks

Obama’s Pretty Please to Banks

Well, since Obama asked so nicely I guess we’d all better listen. He has publicly asked the banks to “be nice” to lenders. His main argument was “Banks, we were nice to you when you needed money, so please be nice to us.” Not the most inspiring speech I’ve ever heard from the leader of...

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11
Mar
Short Refi Program’s End

Short Refi Program’s End

RIP FHA Short Refi Program. Your time has come. The House of Representatives has voted to end the program which helped homeowners who were underwater refinance with a reduced principal. In a 256 to 171 vote, the program was officially ended with both some Democrats and almost all Republicans behind the move. And more government...

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06
Feb
Scrapping HAMP For Good

Scrapping HAMP For Good

I promised ya’ll not that long ago that I wouldn’t speak about H**P ever again seeing that the program was obviously dead in the water and that it was obvious to everyone with brainwave activity that the program should be scrapped. And for the last few months I’ve kept my word. But today I’m posting...

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15
Dec
HAMP’s End

HAMP’s End

I promise (with only two very small fingers crossed) that this will be the last time I write about HAMP. Mainly because the program is almost 100% certainly dead. But also because beating a dead horse has gotten so boring. But I find funny stories where I can and this one just seemed ripe. So...

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11
Dec
BofA’s Delinquency Rating

BofA’s Delinquency Rating

If you were going to give your bank a grade on its performance when it comes to dealing with mortgage delinquencies, what grade would you give it? I’d like to believe most of you out there wouldn’t know how to answer this question, but the sad reality is it’s more common than uncommon. So if...

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19
Nov
HAMP’s Demise

HAMP’s Demise

Obama’s flagship program intended to help homeowners with making mortgage payments is floundering. Sorry, I meant failing. Let’s not try to be nice about it, let’s just tell it like it is. Out of the 1.4 million people who gave it a try, more than half have fallen out. That means they’re all now at...

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