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February HAMP Update: 1.8 Million Eligible For HAMP Out Of 6 Million 60+ Day Delinquent 1st Lien Mortgages
The main program the government has instituted to curb foreclosures and evictions, the Making Homes Affordable Program, is ramping up and has reached a whopping 170,000 permanent mods: this means that about that number of homeowners will be guaranteed a lower mortgage payment for five years. This is truly terrific news. This means that of the 6 million in 60 day delinquent 1st lien mortgage outstanding, a whopping 2.8% have gotten relief. Score one for the Obama administration. This doesn't even touch upon the bigger question: just who are these idiots who are stupid enough to still pay their mortgage? Paying mortgage is so pre-Repo 105.
Full details from the makinghomeaffordable.com site:
Number of Permanent Modifications Increases 45%
• More than 170,000 permanent modifications have been granted to homeowners, who are guaranteed lower payments for five years.
• An additional 91,800 permanent modifications have been approved by servicers and are pending borrower acceptance.
Over One Million Borrowers in Active Trial and Permanent Modifications
• More than 1.3 million homeowners have received offers for trial modifications, representing 34-45% toward the goal of 3-4 million offers extended through 2012.
• More than 72,000 new trial modifications started in February; borrower savings begin with the first trial payment. Nearly 1.1 million trial modifications have begun under the program.
• Of the 1 million borrowers in active modifications, more than 168,000 borrowers are in active permanent modifications.
• These homeowners’ lower monthly mortgage payments represent a cumulative savings of over $2.7 billion.
• Of modifications that have converted to permanent, 0.9% have been canceled. Of all modifications started, 8.2% have been canceled.
Borrowers in Permanent Modifications Experience Real, Long-Term Savings in Monthly Housing Expenses
• Borrowers in permanent modifications are saving a median of 36% of their before-modification payment; median savings is more than $500 each month.
• Qualified homeowners could reduce housing-related expenses from almost half of their gross income to less than one-third of their income.
• Upon completing one year of on-time payments per program guidelines, borrowers are eligible to earn up to $1,000 to be applied to their outstanding mortgage balance.
Woe to these poor idiots. Don't these people know that now it is one's patriotic duty NOT to pay a mortgage? It is Bernanke's master plan that all mortgage losses be borne in perpetuity by the Federal Reserve (aka those who pay their taxes). As tax payment is about as high on the list of priorities of these 6 million people as sending out your mortgage check, it is pretty clear that the middle class is now thoroughly surrounded by the HAMP inelligibles on one side, and Wall Street on the other, both of which will stop at nothing before they drain the average American dry.
Here is a useful bridge chart from the presentation showing just how thoroughly worthless HAMP is in the grand scheme of things.
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The sound of one HAND hamping...
LMAO! So true, too.
"Pre-Repo105"!!!!
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'mission accomplished'
another obama and bernanke failure which is getting worse by the day.
"the subprime crises has been contained"
bernanke is a phucking clear and present danger to the USA.
I reiterate my super duper CONviction rating on Goldman Sachs that they are a clear and present danger to everything.
It is even worse than a failure - the very presence of HAMP and the massive delays in foreclosures is enticing even more people to default.
As TD says: "Paying mortgage is so pre-Repo 105"
Free land in America!
I'm not sure this is what they meant by "Land of the Free".
In other news, "Obama 'Fully Committed' to Revising Immigration Laws "
We need more sheeple to dupe.
And in other, other news - it looks like SanFran Nan is going to cram-down the passage of ObamaCare by way of a "creative" legislative tool (basically, passing a bill without actually ever voting on it) called the "Slaughter Rule" (after Rep. Louise Slaughter, D-NY).
http://www.politico.com/livepulse/0310/House_Democrats_told_to_stick_aro...
That's right: ObamaCare 2010: The Slaughter of America.
You just can't make this stuff up.
What they save on HAMP they can spend on hemp.
and in related news:
The Government today assured banks that they will not have to recognize any loss on any loan mods...ever.
" just who are these idiots who are stupid enough to still pay their mortgage? Paying mortgage is so pre-Repo 105. " - . You crack me up Mr. Durden
As I said in another thread, I really don't understand most of the finance and investment stuff on ZH, but boy is it funny!
it is pretty clear that the middle class is now thoroughly surrounded by the HAMP inelligibles on one side, and Wall Street on the other, both of which will stop at nothing before they drain the average American dry.
sad but true....wake up america!
Harry Reid's wife has accident ---http://www.cnn.com/2010/POLITICS/03/11/reid.family.accident/index.html?h...
thats funny bingaling - in fact I'd say paying your mortgage is so yesterday !!
HAMP is short for hampsters. Keep them running in their wheels, paying those mortgages.
I'm one of those idiots, can I stop paying my mortgage now too please?
"More than 170,000 permanent modifications have been granted to homeowners, who are guaranteed lower payments for five years." - for 5 years? the Treasury dept should be renamed the "Extend and Pretend" department.
Yeah, after 5 years these saps get a nice payment shock.
Aren't teaser rates part of what got us into this mess?
So TD you advise to quit paying and walk away, if the loan was Fannie/Freddie/HUD, the feds may turn the diff between the amount recovered from foreclosure and the loan amount plus fees etc. over to Treasury for recovery thru their Offset program which could mean your cousin Eddie gets no social security to put gas in the RV.
First off, the ability to go after deficiencies is driven by state, not federal, law.
Secondly, the government has given you a way out of that too - after living rent free for a year or two, just do a HAFA short sale. under that program, the bank has to release any deficiency claim.
The government has set every incentive possible to encourage underwater borrowers to default. They couldn't make it more inviting. They will even pay you to move out of the place.
well - Obama did say he would spread the "wealth". They are using the GSE +FHA as a dumping ground for losses. HAMP will get abused and I do agree that the government would not mind if underwater borrowers default because it is just a way to taxing the middle class (the people who will pay for the losses). What boggles the mind is that they still lend at 97 ltv thru the FHA knowing full well that these borrowers are a huge walk a way risk if home prices go down again. In fact, the idiot DOnovan has argued yesterday AGAINST raising the minimum downpayment from 3.5 to 5% because 40% of FHA borrowers could not afford it. More shocking, not one congressman asked if that is true, why the heck are we lending to people with no money in the first place? Fellow Americans, teh losses at the agencies and FHA will be staggering. It is all being swept under the rug until healthcare is passed. Would the AMerican people put up with a 1Trillion new entitlement if they knew the truth about the GSE +FHA?
Yeah, that really is mind boggling.
Did you realize Fannie and Freddie still have 97LTV programs too, just that the MIs won't insure them (at least not much now)? But then, if the MIs did insure them, once losses came in they would refuse to pay, and the taxpayer would get stuck with the loss, once again.
That was an amazing stat, I don't follow FHA lending much, but 40% of their business is at the min down payment?
At this rate we won't be out of the housing mess for years, it will be a slow, grind down in house prices for a decade at least.
Donovan testified yesterday that if they raised the minimum down payment from 3.5 to 5%, loan volume would fall by 40 %. What he does not tell you is that the FHA is the ultimate ponzi scheme. They need the volume because they collect 2+ points UP FRONT (which is usually rolled into the mtg balance making the true ltv closer to 99) and that is what is keeping the insurance fund in the black (for now). Will go in the red real soon if volumes go down. Even the "better" quality 2009 loans are pushing 10% delinquency and those loans are about 10 months old. It is actually quite scary.
Also, I think that something around 80% of all new loans in California are insured by the FHA. Just think where prices would be if the FHA was not there to give loans to people with 3-5% downpayment. It is a massive stealth tax increase for the majority of the middle class that have played by the rules. Look into the FHA, the program and its growth sonce mdi 2008 is stunning
10% on 09 vintage? Unbelievable.
The FHA alone will guarantee a decade of stagnant house prices as all those properties re-enter the market.
Don't fear. 70% will redefault.
2012 they will just hand over the keys to the next President, Sarah Palin
Mentioning either Sarah Palin or Rachael Ray is justification for a public flogging...
I'm in the mortgage business - a buddy called me for advice regarding HAMP. his lender - who has let him live rent free for two years - offered 5 years at a reduced rate, no reduction in principal balance, and no guarentee on where rates would be at the end of 5 years.
Here is the funny part (not), the HAMP advisor told my buddy that he and his wife needed to get into the program right away. The punchline - the wifes unemployment benefits were about to expire, and they wouldn't income qualify without the benefits.
Ok, so what happens when she loses benefits and they can't afford payments? HAMP is a joke.
Don't you people know what's important? It's not housing or (un)employment. It's health care, baby!
[/sarcasm]
Eventually all this meddling will cause nothing but sorrow and regret
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