Posted by
Annie on Tuesday, November 17, 2009 6:09:47 PM
Our President initiated a government operated program called HAMP, which stands for Home Affordable Modification Program, but after closer examination we might call this program (ABOP) Another Botched Obama Program! Sorry Mr. President!
HAMP will go down in history as a 7t to 78 billion dollar program that Mr. Obama offered to homeowners under the feeble pretense of assistance. The money from the HAMP program is padding the pockets of the servicers and lenders.
Guess who is in charge of the HAMP program? The Treasury of course and we all know about the Treasury! Their role in this process was three pronged, (1) Protect home values and preserve home ownership, (2) Select servicers who are qualified to do loan modifications, and (3) Give assistance to home owners prior to foreclosure. The Treasury couldn't get one of this correct!
In the meantime, TARP was wearing the “Big Brother Shoes” for Americans and appeared to be concerned about the legalities of HAMP. They stepped forward and questioned the Treasury, which was in retrospect just a formality to cover their backside. Tarp asked the right questions, but their failure to follow thru was the missing link. They wanted to know how servicers were being selected, monitored and if the servicers selected would be capable of handling thousands of loan modifications.
The Treasury mumbled and grumbled offering the usual feeble excuses explaining why they couldn’t effectively monitor the servicers or the HAMP program. This was not just a red flag showing its face; this was crucial information placing our Nation, once again in a compromising position.
Tarp felt Treasury needed to be more transparent and accountable for HAMP. TARP could have intervened for us at this time and put a halt to this defunct program, but that didn’t happen.
So we have 72 plus servicers, who are like a bunch of kittens in a sandbox; they’re going to play around in the sand unsupervised until all of our 78 billion dollars has been spent.
Treasury and servicers of mortgages were ecstatic and had a brief pow wow, because they smelled money and lots of it! They threw ridiculous numbers in to Obama’s little black hat and drew the magical number of 500,000 as their immediate goal.
Washington, D.C. - October 8, 2009 - (RealEstateRama) — The Financial ServicesRoundtable and its Housing Policy Council applauded the efforts of mortgage servicers in meeting the goal of 500,000 Making Home Affordable (HAMP) trial-modifications, announced today. The goal was set by the Treasury Department and mortgage servicers in a July meeting.
Notice in the above news flash that mortgage servicers met their goal of 500,000. One would believe that 500,000 loan modifications are in place and ready to fly. It insinuates that all of these homeowners are not only eligible for a modification, but will receive immediate benefits form a modification.
The problem is our better than thou government and their robotic news media threw out false figures and updates about HAMP loan modification, which means their reports concerning the thousands of eligible are merely a guise for the lenders to collect the 4,000 per pending modification from the HAMP monies.
Isn’t it time that our government quits deceiving our Nation – we deserve honesty and total transparency on all the programs and bills that have been implemented. They seem to lack backbone and are afraid to stand toe to toe with Mr. Obama and give him news that HAMP a poorly orchestrated program and needs to be discontinued immediately.
But many of the “big dogs” in the news media march to Obama’s drummer and consequently they help him and fellow Democrats shove yet another ABOP program under the rug and covered it a large dose of crap.
Is it the media’s stupidity or their innate desire to back Mr. Obama and fellow Democrats regardless of the cost? Why does the news media struggle with the truth?
What is so hard to understand about the basic principles of honesty, integrity and protection of fellowman? America deserves the whole story – not this regurgitated crap the media tries to feed us daily.
For those raving Obama fans, it doesn’t take a rocket scientist to realize that another Obama program is biting the dust as we speak. Remember it’s your dime too – and you won’t be exempt from the repercussions of the famous “Stimulus Bill.”
Estimated figures from the Troubled Asset Relief Program have reached about 27 billion in allocated cap incentives. Does TARP mean the checks have already been cut and issued to 72 servicers or is this figure a projected amount that possibly will be issued as the modifications are completed? Americans need to see the HAMP ledger sheets.
Recent reports suggest that only a few thousand homeowners have received a permanent loan modification, yet according to the Treasury Department 650,994 home owners have been approved for a loan modification. We need verification on this word, “approved.”
The HAMP program hasn’t and never will help millions of homeowners. The lenders and servicers are getting fat on our money. They certainly don’t deserve another government handout, but this is probably but one more example of “spreading the wealth.” Boy, do I hate those words!
Many servicers don’t have a clue about modifying a loan and furthermore have no intention in giving homeowners’ assistance. Mr. Obama most of the servicers you’ve selected are in lawsuits regarding mortgage scams and fraudulent activities.
Banks prefer foreclosure, so they are willing to play the cat and mouse game with homeowners until foreclosure is imminent.
So why did Mr. Obama recklessly burden us with but one more expensive non functional program? It appears that Mr. Obama isn't capable of implementing any program that will help Americans in time of recession or maybe this is his way of gaining control of American citizens.
Three things needed to be addressed before allotting 75 billion to the wolves.
1. A program for homeowners that would not only lower their monthly mortgage payments via fixed interest rates and a reduction in their existing mortgage - that is strictly the common sense approach to helping homeowners before foreclosure.
2. Select lending companies who aren’t just mortgage services – the average servicer collects mortgage payments and isn’t qualified to assist homeowners with loan mods.
3. Protect the honest, legitimate lenders during this time – the interim while a loan modification is prepared requires the lenders to continue paying a monthly payment to investors. Logic tells us that many of the reputable lending institutions don’t need another noose around their necks.
So the not so famous HAMP program bombed out and Americans have just taken another hit that will hurt their children and grandchildren. We take the hit again and are not so gently kicked to the curb by Mr. Obama and team.
It is shameful that the present administration will go thru 2009 as the creators of bad debt. How can they sleep at night knowing that billions of our money from the “Stimulus Bill” has been misappropriated?
The question is this – do we have politicians in our government who are incompetent or do we have a group of men and women in the Whitehouse who have intentionally made all of these bad decisions in order to control America?
As Always, Annie