HAMP performance report released...

The government has released the loan modification statistics for the hamp program for September 2009.  The report card is issued every month as part of the government’s Making Home Affordable program. Below are some top and bottom performers.  There is no data on how many of the trial modifications...

Trial Modifications...

These “Trial Period Plans” are what the banks are offering homeowners so they can say they have “Modified” a certain number of  homeowner mortgages. They are actually not Modifications. This loan modification program seems like its more of a bandaid  and all they are doing...

FHA may need to be bailed out...

U.S. Mortgage Backer May Need Bailout by David Streitfeld and Louise Story Friday, October 9, 2009 provided by The New York Times A year after Fannie Mae and Freddie Mac teetered, industry executives and Washington policy makers are worrying that another government mortgage giant could be the next housing...

Obama Loan Modification plans picking up...

The government recently stated that the program to help homeowners avoid foreclosure had met its initial target of 500,000 trial mortgage modifications and stated this was a sign the effort is gaining momentum.  “We believe we are absolutely moving in the right direction and have reached an important...

Bill AB 764 goes before Governor...

The Governor of California is considering a bill that will regulate the loan modification business. The bill was designed to ban the collection of advance fees to modify loans. The bill is called AB 764 and aside from banning advanced payments for modifications, it requires the modification to be complete...