New Hamp Guidelines???

[litehouse01]

Aren't there suppose to be some additional HAMP guidelines to take affect Oct 1 such as the list of Denial codes and the fact that the banks have to report to the GOVt why they denied someone? I think I read somewhere the process is suppose to become more streamlined? And there was something else but I can't remember what the heck it was...were there not a few more things.....????

[davephx]

Yes good point. Without any enforcement written into the law just oversite Treasury is trying to make reporting requirements to at least "shame" those that are not doing a good job. WHile they can't force compliance with HAMP directives I believe they have regulatory authority to require reporting with out a new law by Congress

Its is still voluntary enforcement but Treasury and the Admin is doing all it can to make the HAMP program work as it was designed.

Now the issue is why are the GSE's Freddie, Fannie and Ginna making it so difficult. These are not directly govenment agencies although get lots of Federal money, especialy the "bailout" to Freddie who will continue to need more funding.

That is why we need our Congress folks aware of the problems why HAMP is doomed to fail if don't get more beyond just the trials.

And of course it would be nice if someone knew exactly how the GSEs are blocking and now restarting all the trials. The only reason I have heard that makes sense is they are more than 3 months behind in processing. If so at least have a enforced foreclosure sale hold that has legal effect not just at the last minute mercy by the servicers.

[Lainy09]

Originally Posted by davephx

If so at least have a enforced foreclosure sale hold that has legal effect not just at the last minute mercy by the servicers.

davephx,

What is this exactly? (the enforced hold?) Thanks!