HAMP

HAMP Was Undermined By The Banks

Lender Disorganization Prevented 70% More Homeowners From Getting HAMP Modifications  When President Barack Obama was inaugurated in 2009 he faced an economic crisis this country had not seen in nearly 80 years.  He launched a multi-billion-dollar effort known as HAMP to stem the flood of home foreclosures. The White House launched the Home Affordable Modification […]

Redefaults Continue to Plague HAMP

Kate Berry, National Mortgage News The Home Affordable Modification Program continues to disappoint. As of Dec. 31, one in three struggling homeowners who received a loan modification through HAMP ultimately redefaulted on those loans, a new report has found. Read more here

Ginnie Mae Halts BofA Servicing Transfer Deal

Kate Berry, National Mortgage News Ginnie Mae has halted the transfer of mortgage servicing rights from Bank of America (BAC) to a nonbank servicer because the bank is missing documents such as recorded mortgages and title policies on the underlying home loans. Ted Tozer, the president of Ginnie Mae, says he has held up the […]

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