New blog post from CNBC Diana Olick

[Housebroken13]

Some excerpts:

While realtors, home builders, and mortgage bankers all bask in the glow of the home buyer tax credit extension/expansion, we all need to turn our attention to the real drag on a housing recovery: Foreclosures.

trying to jam as many borrowers into mods as possible. They're also overwhelmed by the sheer numbers, leaving many many delinquent borrowers still sitting in their houses scott free without hearing word one from their lenders. But that's going to change.

"We recently provided guidance to servicers that, beginning December 1, 2009, a Home Affordable Modification should not be offered on a Fannie Mae loan without our consent if the estimated value of not modifying the loan would exceed the estimated value of modifying the loan by more than $5,000."

According to Treasury's August 4th release on HAMP, 230,000 trial modifications were begun under the HAMP program through the end of July. So by November, i.e. now, we should have a good idea of what percentage are working, right? A delay doesn't mean doom, but two very good sources are telling me that "the numbers are low," that is, the number of permanent conversions.

But I have to wonder: Treasury could hold up reporting the conversion numbers, claiming that some borrowers have been extended in order to get the paperwork in order; but by now, with over half a million borrowers in the trial mods, they must have a number of how many have fallen out because they missed payments after one or two months. Why don't we have those numbers?



Watch Foreclosures, Seriously - Realty Check with Diana Olick - CNBC.com


I think everyone should send her an email:


RealtyCheck@cnbc.com

[caldwellb02]

I just e-mailed her an earfull. Thanks for posting this!

[mimirayo]

Originally Posted by caldwellb02

I just e-mailed her an earfull. Thanks for posting this!

Me too! I wish we could have their ear for as much as the banks do.

[caldwellb02]

Hey everyone: also Google "The Crime of our Time" which is a new book by Danny Schechter. I just found out about it and am going to buy it if I can find it. I also e-mailed him and he said that he has interviewed Moe in this book.

[ama125]

And where are the figures on how many months people are actually on the trial for? The waiver was a two month extension max, yet people are paying 6, 7, and even 8 payments. How can that be explained? And why is the conversion so low? Why are people not getting permanent mods? So not only are they not saying what the numbers are, we don't know why either!

[bloominga]

SHE needs a "reality" check !! Geez, no wonder people think we're just whining. The average person thinks the media is all truth.

I sending her a letter for sure!

[davephx]

I may be blind but don't see a direct contact or e-mail for Olick. I did post a comment shortened to 1000 characters.

[caldwellb02]

I e-mailed her at RealtyCheck@cnbc.com. She got plenty more than 1000 characters.

[davephx]

Thanks for e-mail I will send her also.

At least it looks like my 1000 characters is up on cnbc seems odd only comment unless I can only see it and not the rest of the world and has to wait moderation.