Tag Archives: HAMP

The Making Home Affordable program ended on December 31 and the Treasury recently released Q4 2016 results, detailing the improvements made since 2009 and the assessing the quality of certain servicers.

The cases revolve around accusations stemming from 2012 that Ocwen lied to the FHA about its compliance with HAMP rules, as well as FHA insurance programs.

Speaking at the Greenlining Institute 22nd Annual Economic Summit, Watt announced a one-year extension of the government's two affordable housing programs, which began in 2009 in response to the housing crisis. HARP was set to expire at the end of this year, while HAMP was extended last July until the end of 2016.

According to the authors, the implications of modification-induced strategic defaults are different between current and delinquent borrowers.” For loans current before a modification, defaults involve borrowers intentionally stopping payments in order to become eligible for mortgage modification.

U.S. foreclosures soared in 2008. At that time, one in every 54 households was getting at least one filling notice and nearly 3.2 million foreclosures were filed in 2007. Loss mitigation programs were created in response to the crisis. Now, Watt believes the need for these programs will wind down. An estimated 3.2 million borrowers have completed a HARP refinance since it was introduced in 2009, including more than 95,000 in New Jersey, according to the FHFA.

The mortgage industry has completed about 23.2 million non-foreclosure solutions for homebuyers since 2007. Mortgage servicers have completed over 7.3 million total permanent loan modifications in that same time period. Approximately 5.9 million of those modifications were via proprietary programs and over 1.4 million were completed under HAMP.

The president reported in his speech that the housing market has not come all the way back yet and there is still work to be done. But according to one analyst, the president may have overestimated how far the housing market has come back and the administration's role in the recovery.

The enhancements are designed to make monthly mortgage payments affordable for homeowners in MHA who are struggling, to strengthen the safety net for homeowners facing financial hardships, and to help stabilize communities most affected by the financial crisis by helping homeowners in MHA build equity in their homes.

Delivering comments to a group of REO brokers and agents, Ed Delgado, president and CEO of the Five Star Institute, offered his take on how the stage is set for the mortgage sector in 2015. "There are several embedded risks in the mortgage market that pose future risk of performance that have yet to be expressed," Delgado remarked. "In effect, the market may not be recovering at the rate that we think it is."

SunTrust Banks, Inc., announced that it would pay up to $320 million to halt a criminal investigation into whether it had dealt inappropriately with homeowners who were looking to take advantage of the Home Affordable Modification Program (HAMP). "Resolving this legacy matter enhances our ability to focus on the future and support the continued housing recovery," said Jerome Lienhard, SunTrust Mortgage, Inc., president and CEO.