peaceandlove
11-30-2009, 12:31 AM
See, HAMP Really Was A Scam
Sunday, November 29. 2009
Posted by Karl Denninger
You have give these banksters credit - they'll lie and lie and lie some more....
U.S. Treasury to Push Lenders to Finish More Home Modifications http://www.bloomberg.com/apps/news?pid=20601087&sid=a0HakbseT9rk&pos=3
More than 650,994 loan revisions had been started through the Obama administration’s Home Affordable Modification Program as of last month, from about 487,081 as of September, according to the Treasury. None of the trial modifications through October had been converted to permanent repayment plans, the Treasury data showed. That failure is getting the administration’s attention.
None? Out of 651,000 "trial" modifications none have turned into a permanent repayment plan?
That's all the borrower's fault, right? There's no collusion here, yes? No intent to screw the taxpayer, having taken their money? Nothing wrong here at all... it just calls for the administration's "attention."
Yeah, right.
“We are taking additional steps to enhance servicer transparency and accountability as part of a broader focus on maximizing conversion rates to permanent modifications,” Treasury spokeswoman Meg Reilly said in an e-mail yesterday. The Obama administration plans to announce additional steps tomorrow, including new private-public partnerships and resources for borrowers.
Bull.
What's worse, Bank of America has only 14% of their "eligible" loans in a trial modification. Citibank has 40% under trial, and JP Morgan/Chase 32%.
All in all, only 20% of those "eligible" have been offered, accepted, and are in a trial but zero percent - zero - have actually turned into a permanent loan modification that the homeowner can count on.
CONTINUES: http://market-ticker.denninger.net/archives/1675-See,-HAMP-Really-Was-A-Scam.html
Gee, Forced Put-Backs?
Sunday, November 29. 2009
Posted by Karl Denninger
Who was talking about this two years ago? :fisch:
Banks forced to buy back more loans
November 28th, 2009, posted by Mathew Padilla
The credit crisis rolls on with this tidbit from National Mortgage News:
http://mortgage.freedomblogging.com/2009/11/28/banks-forced-to-buy-back-more-loans/21773/
Banks had to buy back $7.1 billion in defaulted single-family loans in the third quarter to reimburse mortgage investors, up from $1.9 billion in the previous quarter. Federal Deposit Insurance Corp. Call Report information shows that most of the buyback demands fell on JPMorgan Chase and Bank of America. Chase repurchased $2.7 billion in defaulted loans and BoA repurchased $2.3 billion to satisfy investor demands.
Uh, let's see, that's a 270% increase in one quarter.
Oh, and this fun is just getting started.
Any loan falsely represented to have a certain level of underwriting that really didn't can be forced back on the originator. When the originator (such as some bucket shop with a warehouse line funded by someone like ex-Countrywide or similar) is gone, it travels up the line until the "last man still standing" winds up holding the hot potato, where it detonates.
The ugly here is that most of these are so far underwater that the ultimate loss will typically be 50% of face value and sometimes more.
No folks, this mess isn't over by any stretch of the imagination. Indeed, it is just getting started.
SOURCE: http://market-ticker.denninger.net/archives/1674-Gee,-Forced-Put-Backs.html
Sunday, November 29. 2009
Posted by Karl Denninger
You have give these banksters credit - they'll lie and lie and lie some more....
U.S. Treasury to Push Lenders to Finish More Home Modifications http://www.bloomberg.com/apps/news?pid=20601087&sid=a0HakbseT9rk&pos=3
More than 650,994 loan revisions had been started through the Obama administration’s Home Affordable Modification Program as of last month, from about 487,081 as of September, according to the Treasury. None of the trial modifications through October had been converted to permanent repayment plans, the Treasury data showed. That failure is getting the administration’s attention.
None? Out of 651,000 "trial" modifications none have turned into a permanent repayment plan?
That's all the borrower's fault, right? There's no collusion here, yes? No intent to screw the taxpayer, having taken their money? Nothing wrong here at all... it just calls for the administration's "attention."
Yeah, right.
“We are taking additional steps to enhance servicer transparency and accountability as part of a broader focus on maximizing conversion rates to permanent modifications,” Treasury spokeswoman Meg Reilly said in an e-mail yesterday. The Obama administration plans to announce additional steps tomorrow, including new private-public partnerships and resources for borrowers.
Bull.
What's worse, Bank of America has only 14% of their "eligible" loans in a trial modification. Citibank has 40% under trial, and JP Morgan/Chase 32%.
All in all, only 20% of those "eligible" have been offered, accepted, and are in a trial but zero percent - zero - have actually turned into a permanent loan modification that the homeowner can count on.
CONTINUES: http://market-ticker.denninger.net/archives/1675-See,-HAMP-Really-Was-A-Scam.html
Gee, Forced Put-Backs?
Sunday, November 29. 2009
Posted by Karl Denninger
Who was talking about this two years ago? :fisch:
Banks forced to buy back more loans
November 28th, 2009, posted by Mathew Padilla
The credit crisis rolls on with this tidbit from National Mortgage News:
http://mortgage.freedomblogging.com/2009/11/28/banks-forced-to-buy-back-more-loans/21773/
Banks had to buy back $7.1 billion in defaulted single-family loans in the third quarter to reimburse mortgage investors, up from $1.9 billion in the previous quarter. Federal Deposit Insurance Corp. Call Report information shows that most of the buyback demands fell on JPMorgan Chase and Bank of America. Chase repurchased $2.7 billion in defaulted loans and BoA repurchased $2.3 billion to satisfy investor demands.
Uh, let's see, that's a 270% increase in one quarter.
Oh, and this fun is just getting started.
Any loan falsely represented to have a certain level of underwriting that really didn't can be forced back on the originator. When the originator (such as some bucket shop with a warehouse line funded by someone like ex-Countrywide or similar) is gone, it travels up the line until the "last man still standing" winds up holding the hot potato, where it detonates.
The ugly here is that most of these are so far underwater that the ultimate loss will typically be 50% of face value and sometimes more.
No folks, this mess isn't over by any stretch of the imagination. Indeed, it is just getting started.
SOURCE: http://market-ticker.denninger.net/archives/1674-Gee,-Forced-Put-Backs.html