On Dec. 15, Nomi Prins,a senior fellow at the public policy center Demos and author of It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street, spoke at a mortgage fraud seminar in Ontario, Calif., and, relates there’s more fraud going on in modification-land than there was in loan-origination-land. 8 million to 13 million foreclosures are expected to have taken place from the time the banks got their bailouts until 2012. If you figure on average there are three people living in each home, we’re talking 24 million to 39 million displaced people. Half of the 1.4 million borrowers that entered the HAMP program were kicked out. Only 2 percent of the loan modifications so far have involved lasting principal reductions.The $75 billion Home Affordable Modification Program Most of the rest were given temporary reprieve, only to see their payments rise at the end of their trial periods or their banks rush to foreclose on them anyway.(HAMP) was an unmitigated disaster for the borrowers who tried to take part, despite promises that it would help 3 to 4 million struggling borrowers keep their homes.
Blogger Bob's comments:
(1) On Ocotber 11, 2010 I made an initial post with various websites that may be of some value to homeowners(which was updated several times since; the last being on 1/7/2011)
(2)What do you want to bet the Mike Ramos's office is focusing on alleged borrower fraud and ignoring loan modification fraud by the banks?
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