HAMP PERMANENT LOAN MODIFICATION – WISHFUL THINKING OR SOLID PROGRAM? LENDER FEBRUARY 2010 REPORT CARD IS IN.

HAMP REPORT CARD IS IN – PARTICIPATING HAMP LENDERS AND LOAN SERVICERS SIMPLY DONT MAKE THE GRADE WHEN IT COMES TO PROVIDING PERMANENT LOAN MODIFICATIONS.  IS ANYONE SURPRISED HERE?

First let’s take a look at the official government spin on the progress made under HAMP.  You can check out this link here http://www.makinghomeaffordable.gov/pr_03122010.html but let’s post below what it says:

March 12, 2010 ADMINISTRATION RELEASES FEBRUARY LOAN MODIFICATION REPORT Number of permanent modifications increases by 45 percent WASHINGTON – The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released February data for the Administration’s Home Affordable Modification Program (HAMP). As of the end of the month, more than one million borrowers were receiving a median savings of $500 each month – a 36 percent median monthly payment decrease. Permanent modifications have been granted to 170,000 homeowners and an additional 91,800 permanent modifications have been approved by servicers and are pending only borrower acceptance.

WOW, NOW THAT SOUNDS FANTASTIC DOESN’T IT?

The February HAMP report can be found here:

http://www.makinghomeaffordable.gov/docs/Feb%20Report%20031210.pdf

LET’S GO OVER SOME OF THE THINGS THEY ARE NOT SAYING IN THIS REPORT:

1. LOOK AT ALL OF THE TRIAL PLANS STARTED IN SEPTEMBER 2009 (553,031), AND OCTOBER 2009 (711,085).  TOTAL IS APPROXIMATELY 1.26 MILLION TRIAL PLANS.  THESE TRIAL PLANS ARE SUPPOSED TO BE THREE MONTHS IN LENGTH.  IF THAT IS TRUE, WHERE ARE ALL THE PERMANENT MODS THAT ARE SUPPOSED TO BE COMING WHEN THERE IS NO MATERIAL CHANGE IN A BORROWERS FINANCIAL AND OTHER CONDITIONS?  THE REPORT SAYS THERE ARE 170,000 PERMANENT MODS IN PLACE.  DOES ANYONE ELSE SEE THE MAJOR GAP HERE?  EVEN WITH THE “PENDING PERMANENT MODS” (91,800) THERE IS STILL MUCH LEFT TO BE DESIRED.
2. WE ARE FORCED TO CONTINUE ASKING THE QUESTION, THE BANKS (INCLUDING WALL STREET) GOT THEIR BAILOUT, NOW WHERE IS THE HONEST, GOOD FAITH HELP FOR MAIN STREET?

Here is a list of the loan servicers mentioned in the report, and you can see breakdowns by lender and state, etc.  Check out the report, it is very interesting.

Allstate Mortgage Loans & Investments, Inc.

American Eagle Federal Credit Union

American Home Mortgage Servicing, Inc

AMS Servicing, LLC

Aurora Loan Services, LLC

Bank of America, N.A.1

Bank United

Bay Federal Credit Union

Bay Gulf Credit Union

BayviewLoan Servicing, LLC

Carrington Mortgage Services, LLC

CCO Mortgage

Central Florida Educators Federal Credit Union

Central Jersey Federal Credit Union

Chase Home Finance, LLC

CitiMortgage, Inc.

Citizens 1st National Bank

Citizens First Wholesale Mortgage Company

Community Bank & Trust Company

CUC Mortgage Corporation

Digital Federal Credit Union

DuPageCredit Union

Eaton National Bank & Trust Co

Farmers State Bank

Fidelity Homestead Savings Bank

First Bank

First Federal Savings and Loan

First Federal Savings and Loan Assn. of Lakewood

First Keystone Bank

First National Bank of Grant Park

Franklin Credit Management Corporation

Fresno County Federal Credit Union

Glass City Federal Credit Union

Glenview State Bank

GMAC Mortgage, Inc.

Golden Plains Credit Union

Grafton Suburban Credit Union

Great Lakes Credit Union

Greater Nevada Mortgage Services

Green Tree Servicing LLC

Harleysville National Bank & Trust Company

Hartford Savings Bank

Hillsdale County National Bank

Home Financing Center, Inc

HomEqServicing

HomeStarBank & Financial Services

Horicon Bank

Horizon Bank, NA

Iberiabank

IBM Southeast Employees’ Federal Credit Union

IC Federal Credit Union

Idaho Housing and Finance Association

iServeResidential Lending LLC

J.P.MorganChase Bank, NA2

Lake City Bank

Lake National Bank

Litton Loan Servicing

Los Alamos National Bank

MarixServicing, LLC

Members Mortgage Company, Inc

Metropolitan National Bank

Mission Federal Credit Union

MorEquity, Inc.

Mortgage Center, LLC

Mortgage Clearing Corporation

National City Bank

NationstarMortgage LLC

Oakland Municipal Credit Union

OcwenFinancial Corporation, Inc.

OneWestBank

ORNL Federal Credit Union

Park View Federal Savings Bank

PennyMacLoan Services, LLC

PNC Bank, National Association

Purdue Employees Federal Credit Union

QLending, Inc.

Quantum Servicing Corporation

Residential Credit Solutions

RG Mortgage Corporation

Roebling Bank

RoundPointMortgage Servicing Corporation

Saxon Mortgage Services, Inc.

Schools Financial Credit Union

SEFCU

Select Portfolio Servicing

ServisOne Inc., dbaBSI Financial Services, Inc.

ShoreBank

Silver State Schools Credit Union

Sound Community Bank

Specialized Loan Servicing, LLC

Spirit of Alaska Federal Credit Union

Stanford Federal Credit Union

Sterling Savings Bank

Technology Credit Union

Tempe Schools Credit Union

The Bryn MawrTrust Co.

The Golden 1 Credit Union

U.S. Bank National Association

United Bank of Georgia

United Bank Mortgage Corporation

VantiumCapital, Inc.

Verity Credit Union

Wachovia Mortgage, FSB3

Wells Fargo Bank, NA

WescomCentral Credit Union

Yadkin Valley Bank

BOTTOM LINE – BANKS NEED TO GIVE MORE RELIEF TO STRUGGLING HOMEOWNERS FIGHTING TO SAVE THEIR HOME FROM FORECLOSURE.  FORECLOSURES HURT COMMUNITIES, AND EVEN HURT THE HOMEOWNERS WHO ARE PAYING THEIR MORTGAGES.  WHAT GOOD DOES IT DO TO  ARTIFICIALLY PROP UP FAILED BANKS (WHO SHOULD HAVE BEEN FORCED INTO BANKRUPTCY THEMSELVES) ONLY TO CREATE A SOCIETY WHERE THE BANKS HAVE ALL THE MONEY, AND 10-25% OF THE GENERAL PUBLIC HAS NO ABILITY TO ACCESS CREDIT DUE TO CREDIT SCORES THAT REFLECT BANKRUPTCIES, FORECLOSURES, AND LATE PAYMENTS, AND SHORT SALES?

MORE INFORMATION ABOUT THE HAMP TRIAL PLANS AND OTHER TRIAL PLAN FRAUD AND BREACH OF CONTRACT CAN BE FOUND ON OUR WWW.TRIALPLANFRAUD.COM WEBSITE.