Mortgage servicers must provide a single relationship manager to borrowers being evaluated for a Home Affordable Modification Program trial by Sept. 1, according to guidance released by the Treasury Department Wednesday.The program has been in place for about 2 years, and since day 1, the complaints have been about no one being a point of contact, meaning that you had repeatedly lost paperwork, changing conditions, dual tracking, where when you were talking with one bankster, another was in the process of foreclosing, etc.
The guideline is required of the 20 largest servicers participating in HAMP, and it is one of the largest adjustments to the program since its inception in March 2009. Since then, more than 670,000 borrowers received a permanent loan modification, and more than 1.8 million trials have been extended.
"Over the past two years, two of the biggest complaints we received from borrowers were servicers are losing documents and they can't connect with anybody who can actually track them down. Every time they call they can't get a hold of someone with access to their case," Laurie Maggiano, director of policy at the Treasury's homeownership preservation office, said in an interview with HousingWire Wednesday.
The relationship manager must be an employee of the bank and cannot be a contractor. This manager will be assigned when the servicer makes successful contact with the delinquent borrower. The borrower must meet the initial criteria of the program, such as owner-occupancy and a 31% debt-to-income ratio.
People have been screaming about this.
The press has been screaming about this.
Congress has been screaming about this.
But nothing was done until the 2012 election loomed, because, after all, this was not a program to help people, it was a program to cheat people, and help the banks.
*Who knew that bad programs were conceived by three beings? For the rest of nature, it's either parthenogenesis (Amoeba, lobbyists) or some sort of sexual reproduction involving only two participants. There are echos here of the Asimov novel The Gods Themselves.
Exactly correct, NONE of what has been done has been to assist the average taxpayer. It has been a means to continue the criminal activities of the banksters, cover the fact legaly required recordations were never performed (to avoid the fees and expedite the repeated resale of the paper), and continue the obscene flow of bonus money.
ReplyDeleteWe have not seen the worst yet, this will realy blow up not too far down the road. Look to the bond market.
Matt: I'm curious to know how you feel, as a Zionist and a yellowdog Democrat, how you feel about Dear Leader's statement that Israel must reurn to the 1967 borders, giving up all of the West Bank and half of Jerusalem. Also, that it can no longer expect support from the US, in the future, when it is attacked.
ReplyDeleteDespite the fact that Oklahoma is a Third World Toilet with occasional indoor plumbing, and that the US should require a prophylactic series of innoculations before any citizens crosses the border, Israel has almost universal support, (Excepting the Liberal Arts Department at OU.)
You might remember that while I despise Socialists, and consider the GOP to be an acronym for "Gonads In Pawn" I have always despised anti-semites even more. Why do you think Our Royal Lord has come out of the closet on Israel?
Hey Fred, long time no hear!
ReplyDeleteAs to Obama, I have been hating on him as a weasel and a coward since November 2007.
As to the "Return to the 1967 borders," his statement is ,"based on the 1967 lines," which, true to form, is weasel words.
I just read the speech. I can't stand listening to him.
I have to pretend I'm christian here, since there is a complete population of roll-on-the-floor-and-babble Baptists. I'm bailing at the first chance. However, I know the natives, and speak some of their language.
ReplyDeleteAnswer please, do reform jews actually fear fundemental baptists more than "I Keel YOU... Bump" muslims? In principle, I understand the desire to dump Bush, but, in the name of all Satan worshipping cute forest creatures, why do they still support a Chicago crook?
Anyhow, take care and my respects to your family. Fred
I think that anyone with half a brain finds the threat of President Sarah Palin or President Michelle Bachmann a more credible threat than that of Emir Osama bin Laden.
ReplyDeleteThe former is more probable. There are a lot more foaming at the mouth holy rollers in the US than there are Salifist Moslems.
As to who to worry about, since the foundation of Islam in the 6th century, there has not been a century where Christendom has been better to the Jews than Islam, though my guess is that the 21st century will.
As to Obama being a Chicago crook, he does not have the stones to be one.