The Making Home Affordable Program Is A Huge Profit If Banks Foreclose
2010 Jan 4, 10:41pm 1,087 views 2 comments
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1
Greg Fielding
2010 Jan 5, 12:32am
Greg Fielding
2010 Jan 5, 12:32am
It's worse than that.
"In the fine print of the form homeowners fill out to apply for Obama’s program, which lowers monthly payments for three months while the lender decides whether to provide permanent relief, borrowers must waive important notification rights.
This clause allows banks to reject borrowers without any written notification and move straight to auctioning off their homes without any warning."
http://gregfielding.housingstorm.com/2009/12/18/is-hamp-a-wolf-in-sheeps-clothing/
2
tatupu70
2010 Jan 5, 12:45am
tatupu70
2010 Jan 5, 12:45am
Do you have anything saying that lenders get reimbursed for 95% of their losses? I find it hard to believe....
I got the shock of my life when I found out that lenders get reimbursed for 95% of their losses when they foreclose a home after considering it for the Making Home Affordable Program. This gives lenders an incentive to foreclose homes and inflate their losses. This is not the way to run a program to help the homeowner in trouble.