Interesting website

[Marie T]

Check out this website for figures on what Chase has done so far, ...WAMU is not listed so maybe Chase has really taken over for real now.

FinancialStability.gov | U.S. Department of the Treasury

Also, there is a new nightline news release that I just watched at the NACA website

[fla borrower]

Check out htis article about a meeting being held today
Subcommittee to Hold Hearing on the Progress of the Making Home Affordable Program | RealEstateRama

[OH-WAMU]

I only saw results up to July 2009. Are August 2009 results somewhere?

[Chased around and around]

Oh I get it now, the government only wants the banks to "start 500,000 trial mods by Nov. '09".

Nice how they don't care if any of these trials actually get modified, how nice. So even when you get denied after the trial is over, at least the banks "started the trial mods"...

[OH-WAMU]

It's all semantics!

[shuladore]

True govt only cares about the "trials" started if you read the directives at the www.hmpadmin.com website i think it becomes clear that HAMP is not about perm mods, if it was than the servicers would not be paid after the three trial payments instead they would be paid only for completed perm mods....basically I think it is a joke at this point.

I have made 5 trial payments (one might have been a forebearance) than I was put in HAMP and paid 5/1 6/1 and 7/1 and 8/1 this month I decided to wait till the end of the month. I called yesterday for an update "all my documents have been received" and a BPO has been ordered for whatever it is worth?!

[Whites376]

Originally Posted by fla borrower

Check out htis article about a meeting being held today
Subcommittee to Hold Hearing on the Progress of the Making Home Affordable Program | RealEstateRama

Here is another article on Obama's housing plan......note there are comments in the article from people stating that even though the numbers look good, they say they should be doing better........
Obama's mortgage relief program growing - Yahoo! Finance

[snapple candy]

shuladore,
Interesting that they are doing a BPO now, mine was done prior to receiving the HAMP trial. As far as I am concerned, I have received nothing in writing that tells me to make another trial payment. I made my 3 trial payments and I fullfilled my part of the contract....new fannie mae guidelines state the lenders have 5 days after the end of the Trial Contract Period ending date to inform you in writing that they are extending the trial contract. Thanks everyone for posting the articles. I think it is pretty clear, the govt knows this is not working. We really need the cramdown bill to light a fire under these lenders arses.

[snapple candy]

I am not so good and doing the link thing but this it. I have posted an excerpt.

On "Progress of the Making Home Affordable Program: What Are the Outcomes for Homeowners and What Are the Obstacles to Success?"

Testimony

of
Mark A. Calabria,
Director, Financial Regulation Studies, Cato Institute
before the
Subcommittee on Housing and Community Opportunity
Financial Services Committee
United States House of Representatives
On "Progress of the Making Home Affordable Program: What Are the Outcomes for Homeowners and What Are the Obstacles to Success?"

My testimony today will address two specific questions. The first is: why have the Obama and Bush Administration efforts, along with those of the mortgage industry, to reduce foreclosures had so little impact on the overall foreclosure numbers?
The second question is: given what we know about why previous efforts have had such little impact, what are our policy options?


Why haven't previous efforts stemmed the foreclosure tide?
The short answer to why previous federal efforts to stem the current tide of foreclosures have largely failed is that such efforts have grossly misdiagnosed the causes of mortgage defaults. An implicit assumption behind former Treasury Secretary Paulson's HOPE NOW, FDIC Chair Sheila Bair's IndyMac model, and the Obama Administration's current foreclosure efforts is that the current wave of foreclosures is almost exclusively the result of predatory lending practices and "exploding" adjustable rate mortgages, where large payment shocks upon the rate re-set cause mortgage payment to become "unaffordable."
The simple truth is that the vast majority of mortgage defaults are being driven by the same factors that have always driven mortgage defaults: generally a negative equity position on the part of the homeowner coupled with a life event that results in a substantial shock to their income, most often a job loss or reduction in earnings. Until both of these components, negative equity and a negative income shock are addressed, foreclosures will remain at highly elevated levels.
.