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HAMP a dismal failure
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HAMP a dismal failure
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Posted by 101livescan on 6/19/11 11:03am
Msg #386868

HAMP a dismal failure

http://firsttuesdayjournal.com/more-bad-news-for-hamp/

It seems that the score cards for major lenders helping borrowers keep their homes has been a dismal failure!



Reply by Shoshana/AZ on 6/19/11 11:44am
Msg #386871

As the article says, the reason is that itwas not mandqatory. Really, why should the banks cooperate? They get paid 2-3 times if they play their cards right. First, the mortgage is
insured. They get paid on that. Then they auction off the property for some ridiculous sum. Third, if it's a recourse state, they could go after the borrower. So, why should they modify the loans?
It's a windfall profit for the lenders!

Reply by desktopfull on 6/19/11 1:57pm
Msg #386880

They also got paid $3500.00 everytime they accepted an application, whether they ever gave a modification or not. If denied the first time they would resubmit another application and get another $3500.00, sounds like a pretty good reason for never doing a modification. My son applied and was forever told that they couldn't find the paperwork he submitted and they had him submit paperwork at least 8 times and still denied the modification. Told him if he made the modified payment for 3 months then he would get the modification, he did what they requested and they never followed through with the modification papers.

The government would have had better results giving the money to the people instead of the banks. JMO.

Reply by Shoshana/AZ on 6/19/11 8:20pm
Msg #386889

Just imagine if....

the government paid the people and they were able to refi and buy more equity. They would have gotten lower interest rates AND lower payments.

Reply by Philip Johnson on 6/19/11 9:31pm
Msg #386890

What people?

There are just shy of 75 million homeowners. What figure divided by 75 million would put a dent into
one's mortgage woes and buy more equity?

Reply by Susan Fischer on 6/19/11 10:43pm
Msg #386892

Illogical premise, Philip. Not every homeoner was taken for

a ride.

"Buy more equity?" When you're underwater, there is NO equity, and as a matter of fact, that difference is in the pockets of Wall Street, not to mention the mega-millions made by the ancillary predators in the process - our industry included in that heyday.

The fact that the programs failed weren't nearly as effective as they could have been is a foregone conclusion, since the Lending Industry was expected to act in good faith.

Just my .25 cents.








Reply by CF on 6/20/11 6:40am
Msg #386894

Again.....the real people of this country are getting

screwed!!!! The whole modification option is one more corrupt system that puts money into the pockets of companies....while the people of this county that have hard and dirty jobs get bent over again and again!!!!

Wake up people!!!! The whole entire system is broke!!!!!


 
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