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Is Foreclosure Aid Hurting or Helping?
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
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Is Foreclosure Aid Hurting or Helping?
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February 22, 2011 (Shirley Allen)
mortgage-reagan-quote-image
Texas Republican Randy Neugebauer, the Chairman of the House Financial Services Oversight Subcommittee, says that he believes that the government needs to come to terms with the fact that its foreclosure prevention efforts are failing and actually making the housing market worse.

The Chairman went on to say that the programs need to be shut down because they are preventing the housing market from bottoming out, which is critical before the recovery can begin.

“I really, truly believe that if we will go ahead and quit trying to throw Band-Aids on this housing market … this limbo-like state is prolonging the recovery of the housing market,” Neugebauer said.

The Treasury Department’s Home Affordable Modification Program (HAMP) and other government-sponsored loan modification efforts have ran woefully short of their intended targets. HAMP alone was originally touted by the Treasury Department to have a goal of helping 3 to 4 million homeowners receive loan modifications but based on current estimates will ultimately only result in between 700,000 to 800,000 permanent loan modifications with almost twice as many people dropping out of trial modifications than those who have received permanent modifications.

In a scathing report by the Congressional Oversight Committee, they concluded, “Treasury’s reluctance to acknowledge HAMP’s shortcomings has had real consequences. Absent a dramatic and unexpected increase in HAMP enrollment, many billions of dollars set aside for foreclosure mitigation may well be left unused. As a result, an untold number of borrowers may go without help – all because Treasury failed to acknowledge HAMP’s shortcomings in time.”

The Special Inspector General for TARP said in a report that after two years, many of HAMP’s goals have been largely unmet.

“It is TARP’s failure to realize its most specific Main Street goal, ‘preserving homeownership,’ that has had perhaps the most devastating consequences,” according to SIGTARP. “Treasury’s central foreclosure prevention effort designed to address that goal — the Home Affordable Modification Program— has been beset by problems from the outset and, despite frequent retooling, continues to fall dramatically short of any meaningful standard of success.”

Neugebauer also added, “My perception is right now that most of the people that can keep their homes can keep them, but we are probably postponing the people that long-term aren’t going to be able to keep them. … Some of these crazy programs that we’ve dreamed up, I think we may have to pull the plug on them: HAMP — no more government modifications.”

Neugebauer is also in favor of privatizing the government-sponsored enterprises as well as remove any government guarantee from the mortgage market.

“Somebody asked me what would be the one thing by the end of 112th Congress that would be the most important thing to get done,” Neugebauer said. “I’d have to put getting the mortgage market back on track again and having an overall plan of how we are going to get the taxpayers out of that business.”

Maybe Ronald Reagan was right when he famously said that the most dangerous words in America are “I’m from the government and I’m here to help.”

Tags: foreclosure prevention, loan modifications, mortgage market, congressional oversight committee, financial oversight subcommittee, hamp

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ADVANTAGES OF USING
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Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
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February 22, 2011 (Shirley Allen)
mortgage-reagan-quote-image
Texas Republican Randy Neugebauer, the Chairman of the House Financial Services Oversight Subcommittee, says that he believes that the government needs to come to terms with the fact that its foreclosure prevention efforts are failing and actually making the housing market worse.

The Chairman went on to say that the programs need to be shut down because they are preventing the housing market from bottoming out, which is critical before the recovery can begin.

“I really, truly believe that if we will go ahead and quit trying to throw Band-Aids on this housing market … this limbo-like state is prolonging the recovery of the housing market,” Neugebauer said.

The Treasury Department’s Home Affordable Modification Program (HAMP) and other government-sponsored loan modification efforts have ran woefully short of their intended targets. HAMP alone was originally touted by the Treasury Department to have a goal of helping 3 to 4 million homeowners receive loan modifications but based on current estimates will ultimately only result in between 700,000 to 800,000 permanent loan modifications with almost twice as many people dropping out of trial modifications than those who have received permanent modifications.

In a scathing report by the Congressional Oversight Committee, they concluded, “Treasury’s reluctance to acknowledge HAMP’s shortcomings has had real consequences. Absent a dramatic and unexpected increase in HAMP enrollment, many billions of dollars set aside for foreclosure mitigation may well be left unused. As a result, an untold number of borrowers may go without help – all because Treasury failed to acknowledge HAMP’s shortcomings in time.”

The Special Inspector General for TARP said in a report that after two years, many of HAMP’s goals have been largely unmet.

“It is TARP’s failure to realize its most specific Main Street goal, ‘preserving homeownership,’ that has had perhaps the most devastating consequences,” according to SIGTARP. “Treasury’s central foreclosure prevention effort designed to address that goal — the Home Affordable Modification Program— has been beset by problems from the outset and, despite frequent retooling, continues to fall dramatically short of any meaningful standard of success.”

Neugebauer also added, “My perception is right now that most of the people that can keep their homes can keep them, but we are probably postponing the people that long-term aren’t going to be able to keep them. … Some of these crazy programs that we’ve dreamed up, I think we may have to pull the plug on them: HAMP — no more government modifications.”

Neugebauer is also in favor of privatizing the government-sponsored enterprises as well as remove any government guarantee from the mortgage market.

“Somebody asked me what would be the one thing by the end of 112th Congress that would be the most important thing to get done,” Neugebauer said. “I’d have to put getting the mortgage market back on track again and having an overall plan of how we are going to get the taxpayers out of that business.”

Maybe Ronald Reagan was right when he famously said that the most dangerous words in America are “I’m from the government and I’m here to help.”

Tags: foreclosure prevention, loan modifications, mortgage market, congressional oversight committee, financial oversight subcommittee, hamp

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

February 22, 2011 (Shirley Allen)
mortgage-reagan-quote-image
Texas Republican Randy Neugebauer, the Chairman of the House Financial Services Oversight Subcommittee, says that he believes that the government needs to come to terms with the fact that its foreclosure prevention efforts are failing and actually making the housing market worse.

The Chairman went on to say that the programs need to be shut down because they are preventing the housing market from bottoming out, which is critical before the recovery can begin.

“I really, truly believe that if we will go ahead and quit trying to throw Band-Aids on this housing market … this limbo-like state is prolonging the recovery of the housing market,” Neugebauer said.

The Treasury Department’s Home Affordable Modification Program (HAMP) and other government-sponsored loan modification efforts have ran woefully short of their intended targets. HAMP alone was originally touted by the Treasury Department to have a goal of helping 3 to 4 million homeowners receive loan modifications but based on current estimates will ultimately only result in between 700,000 to 800,000 permanent loan modifications with almost twice as many people dropping out of trial modifications than those who have received permanent modifications.

In a scathing report by the Congressional Oversight Committee, they concluded, “Treasury’s reluctance to acknowledge HAMP’s shortcomings has had real consequences. Absent a dramatic and unexpected increase in HAMP enrollment, many billions of dollars set aside for foreclosure mitigation may well be left unused. As a result, an untold number of borrowers may go without help – all because Treasury failed to acknowledge HAMP’s shortcomings in time.”

The Special Inspector General for TARP said in a report that after two years, many of HAMP’s goals have been largely unmet.

“It is TARP’s failure to realize its most specific Main Street goal, ‘preserving homeownership,’ that has had perhaps the most devastating consequences,” according to SIGTARP. “Treasury’s central foreclosure prevention effort designed to address that goal — the Home Affordable Modification Program— has been beset by problems from the outset and, despite frequent retooling, continues to fall dramatically short of any meaningful standard of success.”

Neugebauer also added, “My perception is right now that most of the people that can keep their homes can keep them, but we are probably postponing the people that long-term aren’t going to be able to keep them. … Some of these crazy programs that we’ve dreamed up, I think we may have to pull the plug on them: HAMP — no more government modifications.”

Neugebauer is also in favor of privatizing the government-sponsored enterprises as well as remove any government guarantee from the mortgage market.

“Somebody asked me what would be the one thing by the end of 112th Congress that would be the most important thing to get done,” Neugebauer said. “I’d have to put getting the mortgage market back on track again and having an overall plan of how we are going to get the taxpayers out of that business.”

Maybe Ronald Reagan was right when he famously said that the most dangerous words in America are “I’m from the government and I’m here to help.”

Tags: foreclosure prevention, loan modifications, mortgage market, congressional oversight committee, financial oversight subcommittee, hamp

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.