Home Loan Modification Program May Be Helping Subprime Lenders
Subprime lenders who fueled the U.S. housing crisis may be reaping benefits from the Obama administration’s Home Loan Modification program, according to a report from the Center for Public Integrity (CPI).
The $75-billion program, dubbed Making Home Affordable, grants taxpayer subsidies to lenders who successfully lower monthly payments for troubled borrowers. However, the study shows, 21 of the top 25 participating lenders were involved in subprime loans, which led to the housing collapse in the first place.
CPI executive director Bill Buzenberg says that much of the money is simply going back to the same companies that started the problem. According to the report, three of the biggest lenders – Countrywide, Wells Fargo, and JPMorgan Chase – are eligible for several billion dollars in aid under the program.
The government has recently urged lenders to crank up their home loan modification assistance programs as the Making Home Affordable plan went off to a slow start. As of last month, less than 10% of eligible borrowers have been aided by the program, according to estimates by the Treasury Department.
The CPI report went on to show that mortgage lenders and servicers have been slow in following the government’s efforts to stem foreclosures, despite “intense pressure” from the White House and the Congress. This is why, the report said, the government has resorted to incentive payments to get them to participate.
Major lenders have slammed the report, saying it undermines their real efforts to help homeowners. Scott Talbott of the Financial Services Roundtable, a group consisting of the largest U.S. lenders, says that it oversimplified the roots of the housing crisis and ignored the complexities of the real estate market.
Talbott added that lenders are doing what they can to help troubled homeowners through the Making Home Affordable program, as well as other foreclosure prevention initiatives.
To choose the best home loan modification program consult an authorized home loan modification consultant. For more news and articles on home loan modification program visit the best online Loan modification Information Resource: CDLoanMod.com
Watch the video related
Acorn has been helping illegal aliens receive home loans for years. Finally the media is catching on that the government is complicit in helping the loans to go through.
Help answer the question
Can I take out a home loan for land and a manufactured loan?
By home loan I mean a home loan and not a personal property loan like on a trailer home/manufactured home in a trailer court. I qualified for a home loan and I want to keep it cheap, so I want to purchase a piece of land and a manufactured home. Wil this work as a home loan if its on private land?
Wow, there is quite the array of scams out there! Why would anyone take out a loan from the internet without talking to someone face to face?
home loan
Tags: guaranteed, Home loan modification, Loan Modification, Loan Modification Assistance, Loan Modification Company, Loan Modification Help, Loan Modification Information, Loan Modification Process, Loan Modification Program
This entry was posted on Wednesday, September 16th, 2009 at 5:12 am and is filed under Loan. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
September 16th, 2009 at 5:32 am
MrStandForXenophobia – making this country safe for native Americans!
September 16th, 2009 at 5:41 am
I am a mortgage examiner in the State of Michigan. Your situation depends on where you are going for your mortgage. If you go to a mortgage broker, they may be able to shop around to find you the best lender – just please be careful when choosing a broker. There is so much fraud here – people are getting ripped off left and right. You can always call the Office of Finanical and Insurance Services to inquire on a broker (or lender, for that matter). If you decide to go straight to the lender, understand what they plan to do with your loan first – many of them sell loans on the secondary market.
The most important thing to remember is to ALWAYS review every piece of paper you sign. This is where some of the fraudsters are taking thousands of dollars from unsuspecting people.
Anyway, as long as your b-friend has a great credit score, steady income and proof as to why he didn't make that kind of money in the last month – you guys should be okay. Don't bring up what could happen in the future, cause you aren't a fortune teller. Keep it honest and things will work out.
Don't sweat the petty things and don't pet the sweaty things…..
September 16th, 2009 at 6:11 am
1.6 percent of the state and federal prison populations was under Immigration and Customs Enforcement jurisdiction, and thus known to be illegal immigrants. [Department of Justice, 2003] 10.7 percent of prisoners in federal jails were incarcerated for immigration offenses in 2009. [Bureau of Prisons]
How can we have a meaningful discussion on illegal immigration when you rely on widely discredited email to misrepresent the facts so badly?
September 16th, 2009 at 6:30 am
There are various ways to obtain debt consolidation loan. You could apply for personal loan or any unsecured loan with reasonable and lower interest rate as compare to your current debt's interest rate and consolidate your debts into this loan. But, to obtain an unsecured loan, you need to have a good credit score else you loan application most probably will be rejected.
The best way to consolidate your credit card debts or any other high interest debts is using a home equity loan. Of cause, you need to own a home in order to apply for a home equity loan. Home equity is ideal for you to consolidate your credit card debts because the interest is much lower interest rate than credit card and other unsecured loan. And the best part is it normaly have different terms or repayment periods for you to choose from. The longer the repayment terms, the lower the monthly payment is. If your current financial is tight, you could choose the longer repayment term and pay more when you are at better financial situation. Read more about it at: http://www.credit-card-gallery.com/article/134,Consolidate_Credit_Card_Debt_And_Eliminate_Debt_With_A_Home_Equity_Loan
September 16th, 2009 at 11:24 am
Buy homes. Integrate into society. Be a good neighbor. Learn our customs.
Sounds good to me!
September 16th, 2009 at 12:42 pm
Haha, who watches fox news anyways? That shit is ridiculously racist. Oh, and btw, the best way to let everyone know you’re a racist and your political views aren’t worthy of any serious examination is to use the term “illegal alien”
I mean, its basically the same as using the word “nigger.”
September 17th, 2009 at 5:40 am
Acorn is just an arm of the Democrat Party. They are accused of voter fraud, subprime mortgage involvement where loans were forced to be given to people who could not pay or who lacked documentation (illegal aliens). They are shown in the recent videos giving advice to people on how to lie to the IRS, hide funds, & commit fraud. ACORN is spiraling out of control. Bank of America supposedly stepped away from ACORN today. BofA is another big illegal alien benefactor, offering credit to them.
September 17th, 2009 at 5:50 pm
See, your political understanding is sooo limited. The democrats and republicans are the same! They have the exact same platform. btw, obama is no socialist, he’s just as corrupt and capitalist as any other republicrat. politics is just the art of making people think they have a choice. Btw, i know more about politics than you ever will, so dont call me dumb, besides, nothings dumber than a racist. do you even know why we have immigration?
September 17th, 2009 at 9:07 pm
Wish some nut would help me get a house XD
September 18th, 2009 at 3:07 am
no big surprise..these are the same scum that put our Comrade obama in the white house
September 18th, 2009 at 4:20 am
FDIC is great and all, but it has almost nothing to do with lending. FDIC means that they have a Federal Deposit Insurance Company protecting your deposits (checking, savings, CDs, IRAs, etc) in the case of the bank going belly up. If the bank ends up getting in trouble, they will sell your loan off to another bank or financial institution for the capital. This can happen in large banks as well as small banks, especially the way the economy is right now.
To test this small bank for their federal guidelines, when you walk in next time ask them where they have posted their Community Reinvestment Act public notice. If they look at you like they have to no idea what you are talking about, walk back out the door and don't look back. If they have one, take a seat!!
September 18th, 2009 at 8:31 am
To have a mortgage loan you must have land involved, so no trailer park rentals. Lender's are not fond of mobile homes because they lose value – unlike a stick-built home which will appreciate in value. You are unlikely to find 100% financing for a mobile home. 90% or less is the norm and that is with good credit. Your interest rate will be higher as well.
If you are buying this as an investment (in your own future-not as an investment property) you should look into a modular home. Anything but a mobile. You won't get out what you put into a mobile. That said, there are some very nice mobile homes out there.
September 18th, 2009 at 12:13 pm
Getting approved in a different state should not be a problem, as long as the job you're moving to is in the same field that you are currently in.
You can go to a nationally licensed broker if you prefer that, rather than a local broker, since they are sometimes limited.
If you want a little more advise, contact me, or check out our website.
Baconshmals@yahoo.com
http://aapexfund.com
September 18th, 2009 at 11:26 pm
if the seller is asking more for the house than what the lender thinks its
worth they won't give you the loan. the lender you are going to use
will appraise the house and if the price you are paying for the house is the same or less than the appraisal they will loan you that amount. if their
asking more for the house than it appraises your not going to get a loan.
your not going to borrow more money than what the value of the home
is. if the asking price is 200,000 and it appraises for that, that's how much you will get, not any more. you won't see any of the money, your
lender will pay directly to the title holder of the house.
September 19th, 2009 at 3:42 am
No, there are no loans for more then 96.5% of the sales price, that is as high as it is possible to go.
September 19th, 2009 at 8:03 am
yes ,you are right ,rebate/deduction will not be available if house is sold within 5 years .this is as per section 80c Current and 88old.
but interest claimed on house loan will not have any effect at all.but principal claimed as deduction/rebate will be add back for all the year if house is sold before the 5th year.relevent clause is given hereunder.
"(5) Where, in any previous year, an assessee
(i) terminates his contract of insurance referred to in clause (i) of sub-section (2), by notice to that effect or where the contract ceases to be in force by reason of failure to pay any premium, by not reviving contract of insurance,
(a) in case of any single premium policy, within two years after the date of commencement of insurance; or
(b) in any other case, before premiums have been paid for two years; or
(ii) terminates his participation in any unit-linked insurance plan referred to in clause (x) or clause (xi) of sub-section (2), by notice to that effect or where he ceases to participate by reason of failure to pay any contribution, by not reviving his participation, before contributions in respect of such participation have been paid for five years; or
(iii) transfers the house property referred to in clause (xviii) of sub-section (2) before the expiry of five years from the end of the financial year in which possession of such property is obtained by him, or receives back, whether by way of refund or otherwise, any sum specified in that clause,
then,
(a) no deduction shall be allowed to the assessee under sub-section (1) with reference to any of the sums, referred to in clauses (i), (x), (xi) and (xviii) of sub-section (2), paid in such previous year; and
(b) the aggregate amount of the deductions of income so allowed in respect of the previous year or years preceding such previous year, shall be deemed to be the income of the assessee of such previous year and shall be liable to tax in the assessment year relevant to such previous year."
http://simpletaxindia.blogspot.com/
September 19th, 2009 at 10:31 am
Any one who gives you a loan fast over the phone is not going to be as good value as one who does proper assessments, theres gonna be more pitfalls. Go on moneysupermarket and check out a lot of them. Check the APR (lower is better obviously) and work out how much overall youll be paying, is the payment protection compulsory etc. Dont rush into borrowing. It is perilous. Honest.
September 19th, 2009 at 11:58 am
oh bullshit..your an idiot…..and what race are you referring to anyhow dumb ass???