Posts with tag HAMP

Here comes another black eye for the Fed's much-maligned mortgage modification program. Housingwire reporter Jon Prior has crunched the numbers and found that the Home Affordable Modification Program (HAMP) is most effective when it actually reduces the principal owed on upside-down mortgages, not just extending borrowers'... Continue Reading »

By Arthur Delaney Georgia Judge Dennis Blackmon is fed up with bailed-out banks refusing to help strapped homeowners. "Sometimes, only the courts of law stand to protect the taxpayer. Somewhere, someone has to stand up," Blackmon wrote in a five-page Nov. 2 order in Carroll County Superior Court. "Well, sometimes is now,... Continue Reading »

Let's hold off blaring the triumphant trumpets just yet for President Obama's plan to allow holders of underwater loans to refinance at a lower rate through revisions in the Home Affordable Refinance Program. What this change does is amend the loan-to-value ratio in a refinance. By removing the cap on how upside-down you... Continue Reading »

By Laura Rowley Losing your home to foreclosure is traumatic, no doubt. And for a variety of reasons--from internal bank bureaucracy and missteps to slow-moving government programs--the pain can stretch out for months. It takes an average of 336 days for a home to move through the foreclosure process, from the first day... Continue Reading »

By Stefanos Chen and Teke Wiggin A few blocks away from the youth-led drum circles and costumed theatrics of Zuccotti Park, the epicenter of the Occupy Wall Street protests, some 15,000 activists, labor supporters and all-around rabble-rousers were preparing to march on the canyons of Lower Manhattan. "They just called... Continue Reading »