While many people believe practically all foreclosures are the result of greedy borrowers who bought more than they could afford or proactively lied on their mortgage applications, according to a report by NeighborWorks, the loss of a job or reduced income is now the leading cause of foreclosures. The organization, which administers the National Foreclosure [...]
Confession from the Treasury…HAMP is a dud!!
December 7, 2009 By Leave a Comment
Finally they fessed up! While Neil Garfield refers to mortgage servicers and trustees as pretender lenders. The U.S. Treasury has been playing pretend for months as well and final conceded that the Home Affordable Modification Program (“HAMP”) is a dud. The 10-month-old program is going nowhere, said the Treasury, because big institutions charged with implementing [...]
FHA is broke & 17% of borrowers defaulting
November 13, 2009 By 1 Comment
Go figure. FHA borrowers are defaulting at a 30% faster rate than non-FHA borrowers. Shocking! Since the FHA only requires a 3.5% down payment and the seller can chip in 3-6%, home buyers can move into a home for…drum roll please… all together now… Zip, Nada, Zero! Not much skin in the game huh? The [...]
