Mortgage readjustment issues
- Thread starter Tater
- Start date
R K
Guest
R K
Guest
Forclosures are down for the first time in 18 months. Sources sited several banks STILL under a forclosure freeze for the primary reason.
Again once the Financial Institutions realized or were caught doing these illegal they immediately stopped. Apparently they are still on a freeze.
Again once the Financial Institutions realized or were caught doing these illegal they immediately stopped. Apparently they are still on a freeze.
- Joined:
- May 15, 2010
- Posts:
- 13,392
- Liked Posts:
- 5,207
No shocker here
WASHINGTON (MarketWatch) — A $30 billion Obama administration program set up to help troubled homeowners modify mortgages has failed to help the vast majority of homeowners facing foreclosure, a congressional watchdog said Tuesday.
Specifically, the program is expected to prevent roughly 800,000 foreclosures -- significantly less than the 3 to 4 million foreclosures that the White House aimed to stop, and vastly fewer than the 8 to 13 million foreclosures expected by 2012, the Congressional Oversight Panel for the government’s much-maligned $700 billion bailout package said in a report about foreclosures.
“Treasury has tweaked its main foreclosure prevention effort, the Home Affordable Modification Program (HAMP), but the changes have not resolved the panel’s core concerns,” the panel said.
The report comes as Treasury Secretary Timothy Geithner is set to testify before the panel on Thursday about the bailout package, known as the Troubled Asset Relief Program. Geithner is expected to be grilled with questions about the government’s mortgage modification program and the $50 billion in TARP funds it allocated for foreclosure prevention.
The Treasury Department refuted the panel’s assertion that the program has largely failed most troubled borrowers.
“This program, in less than two years, has already provided critical support to struggling homeowners,” said Treasury spokesman Mark Paustenbach. “This program will continue to help many more avoid foreclosure. The success of the administration’s efforts must also be measured in how it transformed the mortgage servicer industry. Prior to HAMP, there were few, if any, modifications taking place. HAMP was a game-changer.”
Housing on edge as credit tightens
Economists worry that the housing market could be headed toward another downdraft as mortgage lenders tighten credit.
The oversight panel, led by outgoing Democratic Sen. Ted Kaufman of Delaware, argues that the Obama administration program largely failed to help most troubled homeowners even though it gave lenders and borrowers financial incentives to modify mortgages.
The panel argues that conflicts often discourage loan servicers, which handle the day-to-day management of a mortgage loan, to modify mortgages and help borrowers avoid foreclosure.
WASHINGTON (MarketWatch) — A $30 billion Obama administration program set up to help troubled homeowners modify mortgages has failed to help the vast majority of homeowners facing foreclosure, a congressional watchdog said Tuesday.
Specifically, the program is expected to prevent roughly 800,000 foreclosures -- significantly less than the 3 to 4 million foreclosures that the White House aimed to stop, and vastly fewer than the 8 to 13 million foreclosures expected by 2012, the Congressional Oversight Panel for the government’s much-maligned $700 billion bailout package said in a report about foreclosures.
“Treasury has tweaked its main foreclosure prevention effort, the Home Affordable Modification Program (HAMP), but the changes have not resolved the panel’s core concerns,” the panel said.
The report comes as Treasury Secretary Timothy Geithner is set to testify before the panel on Thursday about the bailout package, known as the Troubled Asset Relief Program. Geithner is expected to be grilled with questions about the government’s mortgage modification program and the $50 billion in TARP funds it allocated for foreclosure prevention.
The Treasury Department refuted the panel’s assertion that the program has largely failed most troubled borrowers.
“This program, in less than two years, has already provided critical support to struggling homeowners,” said Treasury spokesman Mark Paustenbach. “This program will continue to help many more avoid foreclosure. The success of the administration’s efforts must also be measured in how it transformed the mortgage servicer industry. Prior to HAMP, there were few, if any, modifications taking place. HAMP was a game-changer.”
Housing on edge as credit tightens
Economists worry that the housing market could be headed toward another downdraft as mortgage lenders tighten credit.
The oversight panel, led by outgoing Democratic Sen. Ted Kaufman of Delaware, argues that the Obama administration program largely failed to help most troubled homeowners even though it gave lenders and borrowers financial incentives to modify mortgages.
The panel argues that conflicts often discourage loan servicers, which handle the day-to-day management of a mortgage loan, to modify mortgages and help borrowers avoid foreclosure.
jakobeast
New member
- Joined:
- May 15, 2010
- Posts:
- 3,903
- Liked Posts:
- 21
- Location:
- yer ma's pants
You are too funny.
Yes, the freeze did put a dent in the amount of foreclosures. However, there are a shit ton of properties still out there that are waiting on action from banks. Also, again, Sheriff Dart has done nothing but delay the inevitable. Cook County is 2+ years behind on foreclosures. What does that mean? It means that for the past 2 years, very few properties were actively taken. It means there is a backlog of thousands of properties that WILL be taken. Perhaps hundreds of thousands. It's not a question of maybe, or something will prevent it, it is a matter of time.
Depending on who you ask in the business, there are anywhere between 4 million to 10 million properties in default nationwide. It's called "shadow inventory" in my business. Granted, default may be as simple as a month or 2 behind, but it is very easy to get behind the 8 ball and stay there, and keep drowning. It sound dire, and it absolutely is, and a very dangerous precipice to be on.
The ONLY way that is gonna change is if the economy picks back up. Period. A good chunk of those folks in trouble are the ones who lost their income for whatever reason, be it they lost a job, illness, pay cuts, whatever.
What is refinancing gonna do for you if you still can't pay the mortgage? All the readjustments and government programs out there are doing nothing. Again, delaying the inevitable.
Personally, IMO, if a bank took TARP money from us, regardless if they repaid it, they should have to take a hit and readjust the loans they hold. Property values have sunk like a kidney stone into the bladder of BHP, and homeowners are struggling. You got help, time for you to pay it forward.
- Joined:
- May 15, 2010
- Posts:
- 5,024
- Liked Posts:
- 0
What else do you expect from a bunch of book smart professors in D.C.who think they know how business
should be run?
Members online NOW
- Member
- Admin
- Mod
- Donor
- HOF
- Applefan
- bamainatlanta
- baredown
- baselman1974
- bearsfan1977
- Calabis
- Canth
- CTA_employee9
- DeerBrinker34
- HansGruber
- Herb Gardner
- hyatt151
- inchibearfan
- JayQ
- jbunch14
- KoreanBear
- mcbear34
- MikeDitkaPolishSausage
- Nads786
- napo55
- onebud34
- PeppersSweater
- Probie2429
- Raskolnikov
- Robocop 80
- smydwhileip
- SugarWalls
- TezMaKai
- TL1961
- Toast88
- WestsideResider
- yeawhatev
- ZOMBIE@CTESPN
Staff online NOW
-
bamainatlantaYou wake him up, you keep him up