Home Page - Foreclosure Prevention and Mortgage Assistance | Fannie Mae. Freddie Mac Home. Welcome to Ginnie Mae. DSNews - Default Servicing In Print and Online. HousingWire. National Mortgage News. Servicing Management. BANKRUPTCY UPDATE: HAMP Mod-in-a-Box Meets BK. Bankruptcy Update: HAMP Mod-in-a-Box Meets BK by Alan Wolf The Wolf Firm —USFN Member (CA) In February 2009, the Obama Administration introduced a comprehensive Financial Stability Plan, which, in part, included a section intended to stabilize the housing market and help struggling homeowners get relief and avoid foreclosure. The section is known as the Home Affordable Modification Program, commonly referred to by its acronym “HAMP.” At its core, HAMP provides eligible homeowners with the opportunity to modify their mortgages; to make them more affordable by temporarily lowering monthly payments to 31 percent or less of the borrower’s pre-tax income, if the borrower can timely make three reduced payments before the modification (the “trial payments”), and if the modification would result in a greater return than a foreclosure (the net present value analysis, NPV).
While simple in concept, the execution of HAMP is less than easy. First, HAMP has many types and categories. Welcome To The American Bankers Association. Small Business Video and Audio Presentations. Clerk, House of Reps. U.S. Senate. C-SPAN | Capitol Hill, The White House and National Politics. ASF Homepage. ABA Banking Journal. Moodys.com. OCC.gov Home Page. Board of Governors of the Federal Reserve System. U.S. Department of Housing and Urban Development (HUD)
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