St Louis Mortgage and Real Estate News –
St Louis Lending and Loan Audit News: HAMP Is A Single Failure According To Institutional Experts
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program | 877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Modification Consultant
Since mid-December of 2010, the Home Affordable Modification Program (HAMP) had processed approximately 520,000 permanent loan modifications.
The panel estimated that by the time the program is finished, it will have prevented only 700,000 foreclosures over all which is quite a contrast to the three million to four million loan modifications that the Treasury anticipated when it rolled out its plan.
Experts are now saying that up to 13 million foreclosures are expected to occur by 2012.
Tim Massad, acting assistant Treasury secretary for financial stability, attributed the program’s results to three things: “The eligibility pool is smaller than we originally thought, and it has been much more difficult to contact borrowers,” he said.
He continues: “Third, the banks have not executed these programs very well.”
Kurt Eggert, a professor at Chapman University School of Law in Orange, California, said: “I think it’s clear that while HAMP was well-intentioned, it hasn’t delivered nearly enough. I think a big part of the problem is that nobody is effectively holding servicers’ feet to the fire to say, ‘Where are the loan mods that you should be delivering that help both borrowers and investors?’”
Most loan modification programs, if they can be wrangled out of lenders at all, reduce the interest rate only slightly and tack onto the mortgage all the late fees, legal fees and other questionable costs that have accrued in the foreclosure stop process.
This in the long run simply adds to the debt that borrowers must repay.
“While focusing on the safety and soundness of banking institutions, regulators have focused too little on protecting borrowers from abusive practices,” says Mr. Eggert, a law professor.
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