Keith Jurow has been a regular contributor to BUSINESS INSIDER for three years. His new real estate subscription report – Capital Preservation Real Estate Report – launches at the end of May. Here We Go Again
Obama had lofty goals of helping 4 million Americans keep their homes with his Home Affordable Mortgage Program (HAMP).
Here are some quick facts:
HAMP modified 1.2 million mortgages (70% less than the target)
Another 88,000 at risk
The re-default rate is an alarming 30%
The re-default rate of those in since 2009 is 46%
Richard Suttmeier submits: Housing Remains Weak as Mortgage Rates RiseThe Mortgage Bankers Association reported that its mortgage application index fell 18.6% last week led by a decline of 24.6% for the refinance index. The sixth consecutive weekly drop has happened as the 30-Year fixed rate mortgage rose to 4.85%.Existing home sales increased 5.6% in November to an annual rate of 4.68 million units.
Steven HorwitzYou may recall that one of the Obama Administration's attempts to deal with the mortgage crisis was to create the "Home Affordable Modification Program" to help underwater mortgage holders to modify and renegotiate the terms so that they would be able to make payments and avoid foreclosure. Supporters hailed this as good policy, while critics suggested it was yet another government bureaucracy that would inevitably fail at the task. Wanna guess who was right?
Bank of America routinely denied qualified borrowers a chance to modify their loans to more affordable terms and paid cash bonuses to bank staffers for pushing homeowners into foreclosure, according to affidavits filed last we
ContributorNetwork - The Associated Press reported recently that nearly half of all enrollees in the Obama administration's flagship mortgage-relief program have dropped out. A CNN Money report on Monday lauds the nation's banks, suggesting that while the government Home Affordable Modification Program is failing, banks are stepping up with their own modification terms to rescue financially strapped homeowners from foreclosure.