Terry Hoskins of Moscow Ohio settled his decade long battle with River Hills Bank in a matter of hours! Many are surprised by his actions. I’m actually surprised it doesn’t happen more often!
Uppitybanker
All I can say after Treasury Secretary Tim Geithner claimed the Mortgage Modification Program HAMP a SUCCESS is Thank GOD he didn’t become a Civil Engineer or a Bridge Builder!
Timmy Sez…
“Millions more Americans are facing financial security as a result of stabilizing home prices”, Treasury Secretary Tim Geithner said Sunday, even though only about 66,000 people have benefited from permanent mortgage loan modifications aimed to prevent foreclosure, a figure that has resulted in a House panel investigation.
While Timmy was handing out a STAGGERING 66,000 Permanent Loan Modifications in 2009 the Banks were recording a record 2.82 Million Home Foreclosures! It is anticipated that at least 3 million more homes will enter foreclosure in 2010. Well what on earth Constitutes Failure?
Geithner said the mortgage modification program has helped 750,000 Americans so far to lower their monthly payments substantially even though he tacitly acknowledged that many of the temporary, verbal agreements have not been made permanent.
What Timmy doesn’t tell you is that the 750,00 Americans he claims as being helped are being subjected to Continual Abuses form the Servicers, such as:
“This program is providing very, very substantial cash flow relief right now to more than 750,000 Americans. And we believe we’re still on a path to be able to reach many, many more American households. And of course, we’re going to make sure that those temporary modifications translate into permanent modifications,” he told ABC’s “This Week.”
750,000 is a BIG Number….But Somebody Please tell Timmy that 3.5 Million Households that are in Foreclosure are NOT getting HELP!
“We’re absolutely committed to make sure that translates into what we said it would, which is for eligible Americans, they’re getting permanent modifications that substantially lower their monthly payment,” he added.
That’s GREAT Timmy that YOU are Committed….. The problem is the Banks aren’t COMMITTED! Their ACTIONS Prove they are COMMITTED only to Foreclosure!.
But Geithner said the temporary deals have translated into “hundreds and hundreds of dollars every month” in real benefits to struggling homeowners, and claimed the program has resulted in stopping house prices from “falling off the cliff” they were tumbling down a year ago.
“People thought house prices might fall another 20 percent, 30 percent. And we’ve had six months now of early signs of stability in house prices. So what that means is, millions and millions of Americans, middle-class families across the country, are now seeing more stability in what is a basic source of financial security for all Americans.
Those programs were enormously effective in helping, again, pull a housing market that was in near collapse back to the point now where you’re seeing the signs of stability,” he said.
Timmy Claims the HAMP program stopped a Housing Meltdown? Really? In actuality the housing markets downfall has been stalled due to lack of inventory as lenders forestall foreclosure on many homes in fear of glutting the market. There is a substantial SHADOW MARKET of FORECLOSED HOMES that haven’t hit the market yet. Beware of proclaiming victory too soon.
Geithner added that the administration’s efforts to stabilize the big banks — many who participated in taking big risks on housing loans — have brought America back from the brink of collapse.
Timmy…Giving the BANKS Trillions in TARP Money has helped ONLY the Banks! You paid off or covered your friends risky Mortgage Derivative bets. The little guy received nothing to save their homes!
“This was like nothing anybody in public office today, or in the last few decades, have ever faced. It was the gravest, most dangerous moment since the Great Depression of the United States. Again, remember, we had a — we were in a situation where people were no longer sure they could safely keep their money in the strongest American banks. It was catastrophic.
“And we were very, very effective — because of the leadership of the president — moving very quickly with enormous care and force to bring stability. And those policies have got this economy growing again. And as I said, we’ve been able to put out this financial fire at much, much lower cost than anybody anticipated.”
Before you proclaim some miracle Soft Landing of the Housing Market and Economy sparked by the leadership of Barack Obama you might want to talk to someone other than one of your staff or administration about how wonderful things are going…
In Conclusion I’m simply afraid to ask Timmy Geithner WHAT in the HELL does he think a failure is….
Uppitybanker
full article from…http://www.foxnews.com/politics/2010/02/07/geithner-claims-mortgage-modifications-success-despite-house-probe/
Just for Perspective purposes this is the SAME CONGRESSMAN and the SAME CONGRESSIONAL COMMITTEE that couldn’t FIND FRAUD in the actions of Countrywide giving Senator Chris Dodd head of the Senate Finace Committee, any special treatment by giving him TWO OWNER OCCUPIED LOANS at the SAME TIME that saved the Senator Thousands in Loan fees! Everything WAS completely ABOVE BOARD…. Wink 
~ but why digress?
and we continue the Show….
For immediate release: Saturday, February 6, 2010
Contact: Oversight and Government Reform Press Office, 202-225-5051
Chairman Towns Opens Investigation into Treasury’s Mortgage Modification Efforts
WASHINGTON – Chairman Edolphus “Ed” Towns (D-NY) is taking steps to ensure success of the Federal government’s efforts to mitigate home foreclosure. The Committee is investigating the Treasury Department’s (Treasury) Making Home Affordable (MHA) program after receiving concerning information about the effectiveness and efficiency of MHA and the extent to which it has assisted struggling homeowners. Chairman Towns, who represents the New York’s 10th Congressional District located in Brooklyn, New York, is a strong proponent of efforts to ease the burden on struggling homeowners.
“I am pleased that Treasury has developed a plan utilizing a variety of techniques and resources to assist struggling homeowners under the overarching banner of the Making Home Affordable program,” said Chairman Towns. “While I applaud Treasury’s efforts,numerous concerns have been brought to my attention regarding the effectiveness and efficiency of the MHA program and the extent to which it has assisted struggling homeowners.”
A centerpiece of the MHA program is the Home Affordable Modification Program (HAMP) which commits $75 billion for the purpose of reducing mortgage payments of qualified borrowers to no more than 31 percent of their monthly income. Based on complaints, the Committee is concerned that loan servicers have been slow to modify loans, inconsistent in their application of the program and are not communicating clearly with eligible homeowners.
They left out CONCERNS over the Inept training of Ex-McDonald’s Employees answering the phones or and continual loss of faxed loan documents, or the incessent harassing calls from the collection departments while participating in an approved 3 MonthTrial Payment Program. That, by the way, IS NEVER 3 THREE MONTHS! As PROMISED….Shall I GO ON?
In a letter to Treasury Secretary Timothy Geithner, Chairman Towns asks for specific data to help the Committee in its efforts to investigate HAMP and explains the basis for his concerns and request for information about Treasury’s efforts to embrace transparency and accountability for its mortgage modification programs.
Chairman Towns wrote to Secretary Geithner, “… it is my understanding that Treasury has thus far refused to reveal in detail how it defines ‘net present value’, one of the key criteria for homeowner participation in the mortgage modification program. Moreover, if a homeowner is denied a permanent mortgage modification, the specific reasons for the denial are not revealed. Finally, Treasury has not established a process for homeowners to appeal the denial of a permanent mortgage modification.”
Here at Uppity Banker we have editorialized many times before about the inequity and insidious Proprietary NPV Formulas the Banks use to Game the System in their favor! BANKS FORMULA’S PURPOSE: How to MAKE the “MOST” MONEY off a Particular Borrower and YOU FAILED “OUR NPV FORMULA”…So We are Foreclosing!
According to the Congressional Oversight Panel, home foreclosures across the nation have increased faster than the rate of new HAMP trial modifications, by more than 2 to 1. However, the December 2009 “MHA Program Servicer Performance Report” demonstrates that certain institutions have made dismal progress in modifying loans, even though they service a large number of homeowners potentially eligible for HAMP.
NO $H!@ Sherlock….DISMAL….DISMAL? I just home SOMEDAY you and Congress get CONSERNED enough to apply a REAL SOLUTIONS!
A REAL SOLUTION would be using DU Desktop Underwriter or LP Loan Prospector Underwriting Programs to underwrite the Loan Modifications in seconds instead of MONTHS! As a Mortgage Broker with 20 years experience I could SOLVE the Problem in a Day! The Reality is that the BANKS don’t want to do Loan Modifications THEY PREFER TO FORECLOSE!
So what is a distressed Homeowner when faced with an INEPT Treasury and a INEPT Congress…. Sue the Bastards? See this California based solution offered at http://www.lenderrefund.com
Chairman Towns is expecting a response to his inquiry from the Treasury Department by February 18, 2010.
GOOD LUCK AT GETTING AN HONEST RESPONSE FROM THE TREASURY!
Uppitybanker
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