those in our government who gave them our tax dollars should be replaced with honorable Americans.
your mortgage ... your responsibility. On Friday, July 26, 2013 7:47:24 AM UTC-5, Travis wrote: > > > > > > ** > DCG posted: " LocalNews8: Borrowers who received help through the > government's main foreclosure prevention program are re-defaulting on their > mortgages at alarming rates, a federal watchdog said in a report released > Wednesday. Nearly 1.2 million mortgage modific" Respond to this post > by replying above this line > New post on *Fellowship of the Minds* > <http://fellowshipofminds.wordpress.com/author/dcgere/> Borrowers in > Obama housing program > re-defaulting<http://fellowshipofminds.wordpress.com/2013/07/26/borrowers-in-obama-housing-program-re-defaulting/> > by > DCG <http://fellowshipofminds.wordpress.com/author/dcgere/> > > [image: > hopeandchange4]<http://fellowshipofminds.files.wordpress.com/2013/07/hopeandchange4.jpg> > > LocalNews8<http://www.localnews8.com/lifestyle/money/watchdog-borrowers-in-obama-housing-program-redefaulting/-/461672/21137896/-/y77kcz/-/index.html>: > > Borrowers who received help through the government's main foreclosure > prevention program are *re-defaulting on their mortgages at alarming rates > *, a federal watchdog said in a report released Wednesday. > > Nearly 1.2 million mortgage modifications have been completed since the > Home Affordable Modification Program (HAMP) was first launched four years > ago. *Yet more than 306,000 borrowers have re-defaulted on their loans > and more than 88,000 are at risk of following suit*, the Special > Inspector General for the Troubled Asset Relief Program (SIGTARP) found in > its quarterly report to Congress. > > In addition, the watchdog found that *the longer a homeowner stays in the > HAMP modification program, the more likely they are to default*. *Those > who have been in the program since 2009, are re-defaulting at a rate of > 46%, the inspector general found.* > > HAMP, which was launched by the Treasury Department at the height of the > foreclosure crisis, aimed to help as many as 4 million borrowers avoid > foreclosure by making their payments more affordable through reduced > interest rates, extended loan terms or, in some cases, reduced mortgage > principals. > > Not only has the program fallen far short of that goal but with each year > of the program, *a growing number of homeowners have re-defaulted*, the > inspector general found. "Treasury needs to research why so many borrowers > are dropping out of the program," said Christy Romero, the head of SIGTARP. > > The inspector general said it found some "clear patterns" in its own > research. Homeowners who were most likely to re-default were the ones who > received the smallest reduction in their loan payments or overall debt, *were > still underwater on their mortgage or had subprime credit scores and high > overall debt at the time the modification took place*. > > The Treasury is currently researching the performance of modifications > under the HAMP program and working on ways to improve the re-default rates, > a Treasury official said at a press conference on Tuesday. > > Treasury also noted that most of the re-defaults were high risk to begin > with and were inked during one of the worst financial crises since the > Great Depression. > > As of April 30, *taxpayers have lost some $815 million on the permanent > mortgage modifications that have re-defaulted, the inspector general > reported*. As part of the Troubled Asset Relief Program, Treasury > allocated $19.1 billion to the HAMP program. So far, it has spent $4.4 > billion, the inspector general said. > > *Nevertheless, the government has extended the program for another two > years, until the end of 2015.* > > To improve HAMP's performance going forward, the inspector general also > suggested that Treasury work with mortgage servicers to create an early > warning system that will enable it to reach out to at-risk homeowners > before they default. "Treasury pulled out all the stops for the banks, they > should do the same for homeowners," said Romero. > > DCG > *DCG <http://fellowshipofminds.wordpress.com/author/dcgere/>* | July > 26, 2013 at 3:45 am | Categories: > Economy<http://fellowshipofminds.wordpress.com/?cat=17656840>, > Obama's America <http://fellowshipofminds.wordpress.com/?cat=12285619> | > URL: http://wp.me/pKuKY-mE4 > > > Comment<http://fellowshipofminds.wordpress.com/2013/07/26/borrowers-in-obama-housing-program-re-defaulting/#respond> > > See all > comments<http://fellowshipofminds.wordpress.com/2013/07/26/borrowers-in-obama-housing-program-re-defaulting/#comments> > > > Unsubscribe or change your email settings at Manage > Subscriptions<https://subscribe.wordpress.com/?key=80d8873ee52adffe4e178d01c25562cf&email=goosepickles%40gmail.com>. > > > > *Trouble clicking?* Copy and paste this URL into your browser: > > http://fellowshipofminds.wordpress.com/2013/07/26/borrowers-in-obama-housing-program-re-defaulting/ > > Thanks for flying with WordPress.com <http://wordpress.com> > > > -- -- Thanks for being part of "PoliticalForum" at Google Groups. 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