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Congressional panel blasts loan modification program


The Obama administration's Making Home Affordable program will fall woefully short of its stated goal of helping 3 to 4 million homeowners, a Congressional Oversight Panel reports. It may help 700,000 to 800,000. Other shortcomings in the program are detailed here in a report from Mortgage News Daily.

Categories: Foreclosure Crisis (84)
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My loan servicer has agreed to a trial modification, basing my new payment on a percentage of my current income. It cut my payment by over $200 a month. But after the three month trial, I'm not clear what happens...whether they want the 4 previously missed payments up front, or will tell me the payments will go back to their original figure. It helps, but I still feel like I'm in limbo.


The program is a joke. Set aside whether or not you agree with the program and assume someone has a legitimate loss of income via economy or illness. I was granted a temporary modification 13 months ago with Aurora loan services. Made every payment on time. All paperwork documented and sent. Was told permanent modification imminent in July 2010 over the phone. In August loan was sold to IBM LBPS.
Called IBM LBPS to pursue permanent modification and was told they were not sent all the files and I needed to reapply for HAMP. Wrote a letter to SIGTARP and they forwarded complaint to Treasury. Treasury said loans get sold all the time. Complete run around without recourse. If anyone can sell a loan enrolled in this program what is the starting and end point to the program?
Its not a program..it's a diversion!



Yesterday, I noted that at least one Homeowner had made a “wheresthenote.com” Mortgage Note request, only to see Bank of America report the request as a dispute to the credit agencies, knocking 40 points off his FICO score. If these facts check out, that is a violation of the Fair Credit reporting act, and possibly other state and local laws.


http://www.ritholtz.com/blog/2010/12/report-bank-intimidation-to-your-state-ag/


Geithner Blocking Legal Help For Foreclosure Victims

WASHINGTON -- Treasury Secretary Timothy Geithner has authorized big payouts to banks in an effort to encourage mortgage modifications, but is preventing borrowers in danger of losing their homes from accessing legal assistance under the Obama administration's foreclosure relief plan -- even when banks are wrongfully or fraudulently attempting evictions.

http://www.huffingtonpost.com/2010/12/14/geithner-blocking-legal-h_n_796773.html


This pathetic development shows how deeply this country is in thrall to lobbyists. But these so-called commissioners, who are really no more than financial services minions out to misbrand themselves as independent, look to have overplayed thier hand. This stunt shows more than a tad of desperation on the part of banks and their operatives in their excessive efforts block any remotely accurate, and therefore critical, report on the industry.

Perversely, this development may be a positive indicator on several fronts. First, the FCIC report may be tougher and more probing than I dared hope. The New York Times indicates, for instance, that it highlights the role of CDOs, an area our research (both here and in ECONNED) indicates was rife with abuses and also central in the crisis.

It may also suggest that the banking industry is feeling more cornered than its continued high-handed posture might suggest. I continue to receive reports from industry insiders confirming that the biggest banks in the US are insolvent. The only sensible resolution of the mortgage mess involves deep principal mods, which will force the top four banks to write down their second mortgage books, blowing big holes in their balance sheets, and raising numerous, embarrassing questions (how could they and the Treasury defend paying back the TARP, much the less the level of 2009 and 2010 bonuses?)

http://www.nakedcapitalism.com/2010/12/republican-members-of-fcic-to-promote-crisis-urban-legends-shift-blame-from-banks.html


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About the author
You've got the job of managing your money. No one in school taught you how. But you and I, we can teach each other, how to handle it, how to save for retirement, how to make money last, how to educate the kids, how to make a budget work. The conversations I have with my readers are fun. Money's important, but discussing it does not have to be boring.

Harriet Johnson Brackey Harriet Johnson Brackey, the personal finance columnist for the Sun Sentinel, is an award-winning business reporter. Her columns for 2008 were named "The Best in the Business," a national award chosen by her colleagues at the Society of American Business Editors and Writers.

Brackey has worked at Business Week magazine and at USA TODAY, where she was a founder and part of the original staff of the Money section at the country's first national newspaper. After nearly 11 years there - spent covering the 1980s bull market, the insider trading scandals, the 1987 crash - Brackey left Washington, D.C., and came to The Miami Herald. She spent the next decade writing a column about personal finance that chronicled the stock market's Internet boom and bust, as well as the popular Money Makeover features.

Brackey also has done commentaries for Marketplace Money, which airs on National Public Radio and The Nightly Business Report which is broadcast on more than 250 PBS television stations nationwide. She also has been a radio guest on WLRN’s Miami Herald News.
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