| Re: Chase 2nd payoff
Yes 2MP (2nd Mortgage Program) is a great program (if it actually gets implemented).
If the 1st is modified the 2nd has to go to 1% or 2% (if interest only or not) or be extinguished. But Treasury only pays something like 4-7 cents on the dollar as an incentive to extinguish. And only a tiny amount for a 1-2% mod. That is why last I hear from Treasury there are no participants and Treasury was in negotiations with the major holders of 2nds. But that was a few months ago and nothing new from Treasury other than the comment above. |