You're Now Reading:
Treasury Fires Back at House Republicans Over HAMP
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Treasury Fires Back at House Republicans Over HAMP
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.
You're Now Reading:
Treasury Fires Back at House Republicans Over HAMP
Mortgage Calculator
Mortgage Rates
Home Buying Tips
Home Selling Tips
About Mortgages
Mortgage Calculator
Mortgage Rates

March 16, 2011 (Chris Moore)
mortghttp://loanrateupdate.com/wp-admin/post.php?post=3526&action=editage-cannon-image
As the House Republicans prepare to vote this week on ending the under-performing Home Affordable Modification Program (HAMP), Tim Massad, Acting Assistant Secretary of the Treasury for Financial Stability, has decided to weigh-in on his feelings in defense of the government’s flagship anti-foreclosure program by sharing five things about HAMP you may not know.

Keep in mind, that even if the HAMP Termination Act of 2011 (H.R. 839) is passed in the Republican controlled House of Representatives, it will never see the light of day in the Senate which is controlled by the Democrats. And even if it did, the president has already indicated that he would veto any bill that would attempt to end any anti-foreclosure programs.

Here’s what Mr. Massad had to say:

By Tim Massad

The U.S. House of Representatives is considering legislation that would terminate the Home Affordable Modification Program (HAMP) and deny critical assistance to struggling homeowners. During the debate over this issue, a number of pieces of misinformation have made their way through the halls of Congress and onto the airwaves.

We want to set the record straight on a few key points and share five things that you may not know about HAMP.

1. Currently, about 25,000-30,000 additional homeowners receive a permanent HAMP modification every month. HAMP is continuing to provide critical assistance to struggling Americans who are trying to keep their homes. To date, more than 600,000 homeowners have received a permanent HAMP mortgage modification, and tens of thousands of additional Americans are joining their ranks each month. These homeowners benefit from a median reduction in their mortgage payments of 37 percent – or $500 every month.

2. HAMP provides assistance only to those homeowners who meet prudent eligibility criteria. HAMP wasn’t designed to prevent every foreclosure. The program does not pay for mortgage modifications for investment properties, vacant homes or jumbo loans. HAMP is not designed to help those who can afford to make reasonable payments on their existing mortgage, and it is not designed for those who are unlikely to sustain a modified mortgage even with government help.

3. Money only goes out the door if a homeowner demonstrates that they can make their modified mortgage payments. HAMP uses a “pay-for-success” model to protect the interests of taxpayers. Money is only spent after a homeowner completes a trial period and demonstrates that they can make their modified mortgage payments on time. As a result, terminating the program would simply deny assistance to homeowners who have successfully shown that they are determined to keep their homes and can meet their obligations.

4. HAMP modifications are outperforming industry norms. Data has shown that HAMP modifications are among the most sustainable in the mortgage market. The Office of the Comptroller of the Currency reports that, for the financial institutions that they regulate, the re-default rate for HAMP permanent modifications at six months was about half that of other modifications. Nearly 85 percent of homeowners who received a permanent HAMP modification remain in their modification one year later.

5. HAMP has created needed protections for homeowners seeking assistance from their mortgage company. HAMP established new safeguards for struggling homeowners. To ensure that homeowners have every opportunity to keep their homes, HAMP requires participating mortgage servicers to evaluate homeowners for a mortgage modification before referring them to a foreclosure sale. HAMP requires servicers to adhere to clear timelines when evaluating homeowners for HAMP modifications and established a process for homeowners to dispute their servicer’s decision when they believe that they have been unfairly denied a modification.

Before HAMP, there was little meaningful assistance available to struggling homeowners in the midst of the worst housing crisis in a generation. The program continues to help tens of thousands of additional homeowners every month, and it has set important standards for how the mortgage industry assists homeowners industry-wide. It is structured so that the amount of money spent will be proportionate to the number of people helped; any funds not used will pay down the national debt.

There is no easy way to repair the deep damage caused by the housing crisis. It will take time and sustained effort. But what’s clear is that terminating HAMP and denying critical assistance to struggling homeowners simply isn’t the answer.

Tags: HAMP, Tim Massad, loan modifications, mortgage modifications, struggling homeowners, mortgage company, homeowner protections

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.
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.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

March 16, 2011 (Chris Moore)
mortghttp://loanrateupdate.com/wp-admin/post.php?post=3526&action=editage-cannon-image
As the House Republicans prepare to vote this week on ending the under-performing Home Affordable Modification Program (HAMP), Tim Massad, Acting Assistant Secretary of the Treasury for Financial Stability, has decided to weigh-in on his feelings in defense of the government’s flagship anti-foreclosure program by sharing five things about HAMP you may not know.

Keep in mind, that even if the HAMP Termination Act of 2011 (H.R. 839) is passed in the Republican controlled House of Representatives, it will never see the light of day in the Senate which is controlled by the Democrats. And even if it did, the president has already indicated that he would veto any bill that would attempt to end any anti-foreclosure programs.

Here’s what Mr. Massad had to say:

By Tim Massad

The U.S. House of Representatives is considering legislation that would terminate the Home Affordable Modification Program (HAMP) and deny critical assistance to struggling homeowners. During the debate over this issue, a number of pieces of misinformation have made their way through the halls of Congress and onto the airwaves.

We want to set the record straight on a few key points and share five things that you may not know about HAMP.

1. Currently, about 25,000-30,000 additional homeowners receive a permanent HAMP modification every month. HAMP is continuing to provide critical assistance to struggling Americans who are trying to keep their homes. To date, more than 600,000 homeowners have received a permanent HAMP mortgage modification, and tens of thousands of additional Americans are joining their ranks each month. These homeowners benefit from a median reduction in their mortgage payments of 37 percent – or $500 every month.

2. HAMP provides assistance only to those homeowners who meet prudent eligibility criteria. HAMP wasn’t designed to prevent every foreclosure. The program does not pay for mortgage modifications for investment properties, vacant homes or jumbo loans. HAMP is not designed to help those who can afford to make reasonable payments on their existing mortgage, and it is not designed for those who are unlikely to sustain a modified mortgage even with government help.

3. Money only goes out the door if a homeowner demonstrates that they can make their modified mortgage payments. HAMP uses a “pay-for-success” model to protect the interests of taxpayers. Money is only spent after a homeowner completes a trial period and demonstrates that they can make their modified mortgage payments on time. As a result, terminating the program would simply deny assistance to homeowners who have successfully shown that they are determined to keep their homes and can meet their obligations.

4. HAMP modifications are outperforming industry norms. Data has shown that HAMP modifications are among the most sustainable in the mortgage market. The Office of the Comptroller of the Currency reports that, for the financial institutions that they regulate, the re-default rate for HAMP permanent modifications at six months was about half that of other modifications. Nearly 85 percent of homeowners who received a permanent HAMP modification remain in their modification one year later.

5. HAMP has created needed protections for homeowners seeking assistance from their mortgage company. HAMP established new safeguards for struggling homeowners. To ensure that homeowners have every opportunity to keep their homes, HAMP requires participating mortgage servicers to evaluate homeowners for a mortgage modification before referring them to a foreclosure sale. HAMP requires servicers to adhere to clear timelines when evaluating homeowners for HAMP modifications and established a process for homeowners to dispute their servicer’s decision when they believe that they have been unfairly denied a modification.

Before HAMP, there was little meaningful assistance available to struggling homeowners in the midst of the worst housing crisis in a generation. The program continues to help tens of thousands of additional homeowners every month, and it has set important standards for how the mortgage industry assists homeowners industry-wide. It is structured so that the amount of money spent will be proportionate to the number of people helped; any funds not used will pay down the national debt.

There is no easy way to repair the deep damage caused by the housing crisis. It will take time and sustained effort. But what’s clear is that terminating HAMP and denying critical assistance to struggling homeowners simply isn’t the answer.

Tags: HAMP, Tim Massad, loan modifications, mortgage modifications, struggling homeowners, mortgage company, homeowner protections

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.

March 16, 2011 (Chris Moore)
mortghttp://loanrateupdate.com/wp-admin/post.php?post=3526&action=editage-cannon-image
As the House Republicans prepare to vote this week on ending the under-performing Home Affordable Modification Program (HAMP), Tim Massad, Acting Assistant Secretary of the Treasury for Financial Stability, has decided to weigh-in on his feelings in defense of the government’s flagship anti-foreclosure program by sharing five things about HAMP you may not know.

Keep in mind, that even if the HAMP Termination Act of 2011 (H.R. 839) is passed in the Republican controlled House of Representatives, it will never see the light of day in the Senate which is controlled by the Democrats. And even if it did, the president has already indicated that he would veto any bill that would attempt to end any anti-foreclosure programs.

Here’s what Mr. Massad had to say:

By Tim Massad

The U.S. House of Representatives is considering legislation that would terminate the Home Affordable Modification Program (HAMP) and deny critical assistance to struggling homeowners. During the debate over this issue, a number of pieces of misinformation have made their way through the halls of Congress and onto the airwaves.

We want to set the record straight on a few key points and share five things that you may not know about HAMP.

1. Currently, about 25,000-30,000 additional homeowners receive a permanent HAMP modification every month. HAMP is continuing to provide critical assistance to struggling Americans who are trying to keep their homes. To date, more than 600,000 homeowners have received a permanent HAMP mortgage modification, and tens of thousands of additional Americans are joining their ranks each month. These homeowners benefit from a median reduction in their mortgage payments of 37 percent – or $500 every month.

2. HAMP provides assistance only to those homeowners who meet prudent eligibility criteria. HAMP wasn’t designed to prevent every foreclosure. The program does not pay for mortgage modifications for investment properties, vacant homes or jumbo loans. HAMP is not designed to help those who can afford to make reasonable payments on their existing mortgage, and it is not designed for those who are unlikely to sustain a modified mortgage even with government help.

3. Money only goes out the door if a homeowner demonstrates that they can make their modified mortgage payments. HAMP uses a “pay-for-success” model to protect the interests of taxpayers. Money is only spent after a homeowner completes a trial period and demonstrates that they can make their modified mortgage payments on time. As a result, terminating the program would simply deny assistance to homeowners who have successfully shown that they are determined to keep their homes and can meet their obligations.

4. HAMP modifications are outperforming industry norms. Data has shown that HAMP modifications are among the most sustainable in the mortgage market. The Office of the Comptroller of the Currency reports that, for the financial institutions that they regulate, the re-default rate for HAMP permanent modifications at six months was about half that of other modifications. Nearly 85 percent of homeowners who received a permanent HAMP modification remain in their modification one year later.

5. HAMP has created needed protections for homeowners seeking assistance from their mortgage company. HAMP established new safeguards for struggling homeowners. To ensure that homeowners have every opportunity to keep their homes, HAMP requires participating mortgage servicers to evaluate homeowners for a mortgage modification before referring them to a foreclosure sale. HAMP requires servicers to adhere to clear timelines when evaluating homeowners for HAMP modifications and established a process for homeowners to dispute their servicer’s decision when they believe that they have been unfairly denied a modification.

Before HAMP, there was little meaningful assistance available to struggling homeowners in the midst of the worst housing crisis in a generation. The program continues to help tens of thousands of additional homeowners every month, and it has set important standards for how the mortgage industry assists homeowners industry-wide. It is structured so that the amount of money spent will be proportionate to the number of people helped; any funds not used will pay down the national debt.

There is no easy way to repair the deep damage caused by the housing crisis. It will take time and sustained effort. But what’s clear is that terminating HAMP and denying critical assistance to struggling homeowners simply isn’t the answer.

Tags: HAMP, Tim Massad, loan modifications, mortgage modifications, struggling homeowners, mortgage company, homeowner protections

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.