6
POPSGenius: Mortgage Program Will Spend $3,000,000 per Loan Repair 
Three million mortgages are believed to be eligible for HAMP with 500,000 in a trial phase. The trial was supposed to last three months, but it has since been stretched to five months . The Doctor believes that many of these "repaired" loans will simply re-default. Why? For one reason, the underwriting (courtesy of TurboTax Tim) for the program uses "stated income", not verified income. These are the very same "liar's loans" that helped trigger the mortgage meltdown! Examining the chart, of the 50,130 trial modifications entered into in May, only 1,711 (or only 3%) resulted in a permanent modification! As The Huffington Post reported a few days ago, the low number of permanent modifications is still appallingly low ("HAMP will come nowhere close to keeping up with foreclosures"). Among the reasons for the low conversion rate: failure to make timely payments (doh!), failure to assemble necessary documentation (like income verification), and other . . .
0
POPSData Triage Computer Forensics & Electronic Discovery Services Data Triage offers Computer Forensics and Electronic Discovery Services to corporations, law firms, litigation support professionals and attorneys in Los Angeles, CA. Data Triage's expert services include Computer Forensics, Electronic Discovery, Electronic Data Recovery, Data Mining, Expert Witness, Evidence Demonstration, Incident Response, Phone Log Reconciliation, Intrusion Prevention, Network Security Audit, Corporate Compliance and more...!
2
Pops
Newest Clips
Latest Comments
Most Pops
Print
Save
Turn on live update