Legal Commentary

A HAMP "Success" Story

By Big Tent Democrat

Via John Cole, a success for the mortgage servicers and the banks apparently ends in foreclosure:

I sent [my loan modification papers] three months ago and was told it was complete. And for the past three months, right up to the last time I checked (last Thursday) they were still at the reviewer. For three months everything has been fine, and suddenly they’re not only not fine we’ve backed up a step.

[. . .] It’s quite apparent BoA doesn’t want to do a workout, and will reject even due to its own mistakes. I expect to lose the house – I’m rather resigned to it, actually. Angry, but resigned. But I will never trust any of the banks that are involved in this mortgage mess again. I cannot trust them to act in good faith.

(Emphasis supplied.) Meanwhile, back in Washington, the Obama Administration says ""Treasury did have a robust and does have a robust compliance system in place," Barr said of HAMP, which was the administration's main effort to help three to four million strapped borrowers stay in their homes. "When we have found problems we have ordered them to be corrected and they have been corrected." You see? This is a HAMP success story!

Speaking for me only

Full post as published by TalkLeft on October 22, 2010 (boomark / email).