12/10/2010 - The Fatal Flaw in HAMP: Lack of Servicer Oversight

9/9/2009 - Making Obama's Foreclosure Plan Work

"Good article Bill. It was good you started by saying you are not defending the servicers before you wrote in support of them and the problems that can arise from the AG settlement. You do have to realize that the debate and action (AG term) two years later has to be on fixing the problem that exists. Modifications was a remedy, the reason the remedy has not worked falls squarely on the shoulders of the servicing industry and their unwillingness or inability to perform. The argument that this is a..."    View Comment

"Our organization AAHMP built a structure two years ago to provide the sub-servicing to the servicing industry. - no one wants to pay.. The servicers say Treasury should and Treasury say the servicers should."    View Comment

"I have been deeply involved in the HAMP process dealing with the servicer/lenders, GSE’s, non profits and all the other parties trying to make HAMP work. WE do not know if HAMP will work because it still has not been properly implemented. We have a Treasury Dept that makes rules (directives), an industry that is not built to deal with the process and GSE's that are afraid to pull the trigger on alternative modification strategies, after all this time it is still a mess. We should not forget what..."    View Comment

"It is amazing that SIGTARP is just making these recommendations now. The problems mentioned have been going on since the start of the program. HAMP could be a good program if it is implemented properly which it has not. Treasury did not appoint anyone to be in charge of HAMP until months after it started. They insinuated back in December 09 that if the servicers' did not do the job at a faster pace and more accurately there could be fines or sanctions. Well the servicers' did not follow through..."    View Comment

"natemarket - the answer to your question is your investor - ING Direct is under no obligation to offer you a modification. Only Fannie and Freddie loans have a mandatory requirement to modify, if possible. The rule is that before foreclosure action can be taken by a servicer on a Fannie or Freddie loan it must be determined if the homeowner meets MHA guidelines. Even though a servicer signed on to HAMP, the investor on the loan is not obligated to modify. This is just one of the many problems at..."    View Comment