February Treasury Report Shows Increase in Homeowner Relief
March 15, 2010 Posted by RealEstateRama
Housing Policy Council members continue to help more homeowners
Washington, D.C. - March 15, 2010 - (RealEstateRama) — The Treasury Department’s February report on Making Home Affordable (HAMP) loan modifications shows the tremendous effort servicers are making to help at-risk homeowners lower their mortgage payment and avoid foreclosure. With a 45% increase in HAMP modifications, now more than 170,000 homeowners have had their payment amount permanently reduced, and more than 1 million homeowners are now making a lower, more affordable mortgage payment. That is a remarkable number of people who have been helped in a very difficult housing market.
Treasury Administration Releases February Loan Modification Report
March 12, 2010 Posted by RealEstateRama
WASHINGTON, DC - March 12, 2010 - (RealEstateRama) — The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released February data for the Administration’s Home Affordable Modification Program (HAMP). As of the end of the month, more than one million borrowers were receiving a median savings of $500 each month - a 36 percent median monthly payment decrease. Permanent modifications have been granted to 170,000 homeowners and an additional 91,800 permanent modifications have been approved by servicers and are pending only borrower acceptance
Hope Now expanding Hope LoanPortâ„¢ housing counselor web portal to over 100 key markets
February 25, 2010 Posted by RealEstateRama
Washington, D.C.- February 25, 2010 - (RealEstateRama) — HOPE LoanPortâ„¢ is expanding, through its housing counselor partners, in 25 states and over 100 cities to help at-risk homeowners avoid foreclosure. HOPE LoanPortâ„¢ allows Housing and Urban Development (HUD) -approved counselors to submit completed Home Affordable Modification (HAMP) applications directly to a homeowner’s servicer, track the status and provide borrowers with more timely decisions.
MBA Proposes Forbearance Program to Help Unemployed Borrowers
February 24, 2010 Posted by MBA
San Diego, CA - February 24, 2010 - (RealEstateRama) — The Mortgage Bankers Association (MBA) announced today that it has developed a concept for a new forbearance program that would allow qualified borrowers who had lost their jobs to remain in their homes while they seek new employment. According to the proposed program, loan servicers would reduce the borrower’s mortgage payment to an affordable amount for up to nine months while the homeowner looked for employment.
Administration Releases January Loan Modification Report
February 18, 2010 Posted by RealEstateRama
WASHINGTON, DC - February 18, 2010 - (RealEstateRama) — The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released January data for the Administration’s Home Affordable Modification Program (HAMP), demonstrating that the number of homeowners receiving immediate relief and converting to permanent modifications continues to rise. More than 116,000 homeowners now have permanent modifications, nearly doubling the number from December, which also marked record progress. An additional 76,000 permanent modifications have been offered, and are waiting only for the borrower’s signature. In total, Over 1 million homeowners have started trial modifications and nearly 1.3 million offers for trial modifications have been extended to homeowners.
Refinance Volumes and HAMP Modifications Increased in December
January 29, 2010 Posted by FHFA
Washington, DC - January 29, 2010 - (RealEstateRama) — Fannie Mae and Freddie Mac initiated more than 485,000 mortgage loan modifications through December 2009, under the Administration’s Home Affordable Modification Program (HAMP). Total refinance volume increased in December, including those under the Home Affordable Refinance Program (HARP). The data were released by Edward J. DeMarco, […]
ADMINISTRATION UPDATES DOCUMENTATION COLLECTION PROCESS AND RELEASES GUIDANCE TO EXPEDITE PERMANENT MODIFICATIONS
January 29, 2010 Posted by HUD
WASHINGTON, DC - January 29, 2010 - (RealEstateRama) — As part of the Administration’s ongoing housing market stabilization plan, the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released updated guidance for servicers participating in the Administration’s mortgage modification program. This guidance refines the documentation requirements in order to expedite conversions of current trial modifications to permanent ones
SIFMA’s AMG Applauds Administration’s Guidelines for Mortgage Modification Program
January 29, 2010 Posted by RealEstateRama
Washington, DC - January 28, 2010 - (RealEstateRama) — The Securities Industry and Financial Markets Association (SIFMA) today released the following statement from Asset Management Group (AMG) Managing Director Tim Cameron, in response to the Administration’s updated guidance for servicers participating in its Home Affordable Modification Program (HAMP).
ADMINISTRATION RELEASES DECEMBER LOAN MODIFICATION REPORT, UPDATE ON CONVERSION DRIVE
January 15, 2010 Posted by HUD
WASHINGTON, DC - January 15, 2010 - (RealEstateRama) — The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released an update on the Administration’s aggressive nationwide campaign to help borrowers in the trial phase of their modified mortgages convert to permanent modifications under the Home Affordable Modification Program (HAMP). The new December data demonstrates that there has been a significant acceleration in the rate at which borrowers are being approved for permanent modifications. As of December, more than 100,000 permanent modifications have been approved, including 66,000 that borrowers have accepted and the remainder awaiting only the borrower’s signature. Under HAMP, more than 850,000 homeowners have had a median payment reduction exceeding $500.
Wells Fargo Provided Nearly Half a Million Customers with Mortgage Payment Relief through Modifications in 2009
January 15, 2010 Posted by RealEstateRama
DES MOINES, Iowa - January 15, 2010 - (RealEstateRama) — Wells Fargo & Co. (NYSE:WFC) said today it continues to use the federal Home Affordable Modification Program (HAMP) and other modification programs to prevent foreclosures in communities across the country.
