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PLEASE ONLY POST - Articles, Official Letters, Testimony, Rules and Regs. Moe - perhaps a Sticky is

Discussion in 'CitiMortgage' started by THANKS2U, Jul 31, 2009.

  1. THANKS2U

    THANKS2U LoanSafe Member

    Thanks to ama125 and others here on Loansafe, we have been directed to web sites where we can view specific Loan Modification articles, letters, Hearing Testimony, Video and Written testimony, Updates to HAMP, etc...

    These communications come from writers for the New York Times and other Publications, as well as, Press releases from, HUD, the Dept of Treasury, Fannie Mae, Freddie Mac, The Senate Banking Committe, the White House and many more helpful public and private sectors or for Loan Modification information.

    I hope that this thread will ONLY BE USED FOR and designated as an area to POST those articles and informative websites, so that all the information and links can be found here, on this thread alone, without searching the 80,000 plus threads on loansafe.org....

    Respectfully THANKS2U See below for 1 such article link

    I will contribute by stealing the web link posted by ama125 : )
    Using links that you did not find yourself, is a form of flattery . . LOL

    Thank you wholeheartedly ama125

    http://www.nytimes.com/2009/07/30/bu...0services.html
  2. THANKS2U

    THANKS2U LoanSafe Member

    ooops sorry - I do not know anything about computers I just typed in the link

    Now I will "drag" ? the link into place here goes - Hope it works now shoot NOPE ! OK 1 more time hit enter 2 times, then highlight address, NOW drag.... hmm Ok Think I did it ?

    http://www.nytimes.com/2009/07/30/business/30services.html
  3. THANKS2U

    THANKS2U LoanSafe Member

  4. ama125

    ama125 LoanSafe Member

    Here are a few starters:

    1. Moe's other site (he blogs on recent events, offers tips, and posts recent news articles. He is also the founder for LoanSafe.org and manages these forums): Loan Modification - Find government help to stop foreclosure

    2. Official gov site for the Making Home Affordable Program (MHA): Making Home Affordable - Home

    3. Another gov site with links to the MHA: FinancialStability.gov | U.S. Department of the Treasury

    4. eFannie Mae site (they are the administrator for the MHA, their guidelines to servicers mirror those on the website for servicers): https://www.efanniemae.com/home/index.jsp

    5. Website for servicers (if you want more insight on how and what they are doing on their end): https://www.hmpadmin.com/portal/index.html

    6. FDIC loan modification page (this is their loan mod program for IndyMac borrowers, on it is a description of their program as well as an NPV model. The NPV test is designed for their program and not the MHA, but it can be tinkered with to give others an idea of what this test is and how it calculates the cost of foreclosure vs cost of loan modification. Just don't take it to heart and use it for illustrative purposes only): FDIC: FDIC Loan Modification Program Guide – "Mod in a Box"
  5. ama125

    ama125 LoanSafe Member

    1. Freddie Mac site pertaining to MHA (note that they are to audit compliance for the MHA and are, as of this date, 7/31/2009, developing a second-look program for loans that have been rejected under the HAMP): Home Affordable Modification Program - Freddie Mac

    2. Treasury details regarding second lien program: http://www.treasury.gov/press/releases/reports/042809secondlienfactsheet.pdf

    Please note the following statement from Fannie Mae (as of 7/31/2009):
    Changes to the Making Home Affordable Program

    The Treasury Department recently announced updates to its Making Home Affordable Program to include a second lien program and the use of short sales and deeds-in-lieu of foreclosure. Fannie Mae is currently working on policy and operational details with the Treasury and other stakeholders and will issue Fannie Mae Servicing Guide Announcements in the near future.
  6. ama125

    ama125 LoanSafe Member

    HUD site with details on the Hope for Homeowners Program (has been improved and is to work in tandem with MHA trial modification): HOPE for Homeowners - HUD
  7. THANKS2U

    THANKS2U LoanSafe Member


    ama.... Is that short for AMAZING : )

    Thank you for all your amazing contributions !

    I found a MORTGAGE PAYMENT CALCULATOR FROM MSN

    Compare Mortgage Loans - MSN Money

    I always need to scroll to the top of the page to start with calculations, otherwise the page looks BLANK at first, unless I scroll to top, then the site comes into view...

    It has 3 areas to do 3 different calculation at 1 time - Great time saver

    I also just type in 0 $ for Down Payment, Taxes and Insurance, because all I am really wanting is the P & I total - P rincipal and I nterest total.

    Best calculator I have found - It is simple, fast and to the point.

    Compare Mortgage Loans - MSN Money
  8. ama125

    ama125 LoanSafe Member

    Just wanted to post this as well, I emailed servicing solutions (got this email address from the Fannie Mae servicing guidelines, it is intended for servicers to email questions about HAMP):

    "<style></style>Sent: Wednesday, July 29, 2009 3:46 PM
    To: Servicing Solutions
    Subject: (BFC/HMP)Question regarding NPV test


    If a borrower requests to see the detailed calculations of his/her NPV test, can that be disclosed to him/her?"

    I JUST got a reply (as you can see, I did not identify myself as a homeowner posing this question). Here is the response:
    "
    <style></style>no, the NPV outputs should not be disclosed to the borrower.
    Thanks,"

    WTF?! If I apply for a credit card and get denied, I am entitled to a reason for the denial as well as a free copy of my credit report to dispute any errors. Why should that not be the case for loan modifications? @^*%$
  9. THANKS2U

    THANKS2U LoanSafe Member

  10. THANKS2U

    THANKS2U LoanSafe Member

  11. ama125

    ama125 LoanSafe Member

    Thanks2U - I just sent them the following email:

    "Just to clarify, by using the word "should not" in your response below, does this mean it is at the servicer's discretion to divulge the NPV outputs if requested by the borrower or did you mean to say that the servicer is not permitted to do so? Could you also please direct me to where in writing this is stated as I do not see this in Announcement 09-05R, (the guidelines to servicers)?"

    I'll let you know if they reply and what they might say.
  12. ama125

    ama125 LoanSafe Member

    Thanks2U - I got a reply to my second email and now it has a confidentiality statement on the bottom of it that the contents of the email and its attachments are not to be shared or used without Fannie Mae approval (no such statement in my first response I received). But, to summarize, it further iterates not to disclose the results. I'll be calling my HUD counselor on this one for sure! I'd post it, by my full name is in my email address so I don't want to do anything to create problems for myself.

  13. THANKS2U

    THANKS2U LoanSafe Member

  14. ama125

    ama125 LoanSafe Member

  15. ama125

    ama125 LoanSafe Member

  16. ama125

    ama125 LoanSafe Member

  17. THANKS2U

    THANKS2U LoanSafe Member

    ama125

    WOW - The lack of fiduciary and ethical responsibility is Sad and the transparecy of truth is a cruel sword upon us coerced, defrauded and swindled borrowers.

    Here is an article on HARP - The refinancing part of the Obama plan, written by Holden Lewis, of bankrate.com, on July 16, 09 I think ?

    Explains some of the FINE PRINT of the Harp program.

    Want to refinance? Know the details of the Obama plan page 1

    Want to refinance? Know the details of the Obama plan page 2

    Respectfully,

    THANKS2U
  18. ama125

    ama125 LoanSafe Member

  19. THANKS2U

    THANKS2U LoanSafe Member

    CRAZY ! Am I now to understand that the NPV rules have been changed for Fannie and Freddie / "GSE" loans, in that Q # 37 page 9 which stated a NEGATIVE - NPV test result will not apply to GSE loans / loans owned by Fannie Mae and that the servicer must give a modification loan to Fannie Mae owned loans and probably the same guidelines for Freddie Mac ?? Regardless of a Negative NPV result.....

    https://www.efanniemae.com/sf/guides/ssg/relatedservicinginfo/pdf/hampfaqs.pdf

    OK - Hold up and let me re- think this confusing portion of the modification guideline -

    I Read it again, both your thread link for the slick swindling servicer NPV shown as "Retrieving and interpreting the NPV test results" and the Fannie Mae site Q # 37 page 9 -as shown in the efanniemae link above ...

    I Do NOT understand the NPV modification guideline language stating, quote, "UNLESS PRINCIPAL FOREBEARANCE IS NEEDED TO ACHIEVE THE TARGET PAYMENT AND THE RESULTING MARK-TO-MARKET LTV RATIO FALLS BELOW 100 %.... IF THIS OCCURS, THE BORROWERS IS N O T ELIGIBLE FOR A MODIFICATION UNDER THIS PROGRAM AND SHOULD BE CONSIDERED FOR OTHER LOSS MITIGATION OPTIONS"

    Yah right ! The borrower may be considered for about 5 seconds and then tossed into the bank servicer gas chambers and exterminated..

    I have NO IDEA what they mean regarding principal and mark to market etc etc

    ama125 - - Can you please explain what will make a borrower NOT ELIBLE under HAMP, according to the quoted statement above.

    I have no idea what Mark-to-market LTV etc etc means

    Thank you.

    Appreciatively,

    THANKS2U
  20. ama125

    ama125 LoanSafe Member

    I am trying to understand this as well and how it is calculated. I just emailed my friend who is a loan officer. I will also ask my HUD counselor to give it to me in layman terms. Just when I think I've got the puzzle figured out, I find another piece!

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