BREAKING NEWS: Treasury Announces Much-Awaited Major Improvements to HAMP Loan Modifications (Mandelman Matters)
That’s it and that’s all. The next time the waste-of-time jerk-offs at Treasury announce that they’re going to be making some sort of major announcement, I’m not even going to pay attention. Want to know what changed… you know, in an effort to improve the catastrophic failure that is Obama’s housing plan…
1. Well, for one thing, borrowers will now have to submit all of their documentation to the lender or servicer before being considered for a trial modification. That will “fix” the program by shifting the delay from where it is now, to a place where the banks can’t get in trouble for it, and the government can’t be blamed for having a stupid, poorly conceived, and ineffectual program.
2. Also, Treasury provided guidance that clarifies for servicers the proper procedures for conversion of those borrowers who are current on their monthly payments to permanent modifications, which accomplishes absolutely nothing.
And so, to President Obama and Secretary Geothner… to Shiela Bair and Michael Barr… and to anyone and everyone involved in the design or administration of the HAMP housing rescue plan…
Link to original article. Another great post by M Andelman