stlouismortgage's posterous http://stlouismortgage.posterous.com Most recent posts at stlouismortgage's posterous posterous.com Sun, 26 Jun 2011 08:02:00 -0700 St Louis Mortgage Loan and Finance Lending: TARP Blasts Foreclosure Programs http://stlouismortgage.posterous.com/st-louis-mortgage-loan-and-finance-lending-ta http://stlouismortgage.posterous.com/st-louis-mortgage-loan-and-finance-lending-ta

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St Louis Mortgage and Real Estate News –

St Louis Finance and Mortgage Refinancing News: TARP Watchdog Blasts White House's Foreclosure Programs
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program
877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Compliance Advocate

  In a quarterly report released to Congress, Neil Barofsky, the special inspector general for the Troubled Asset Relief Program (TARP), said the program has been a success financially, but that programs "designed to help Main Street rather than Wall Street" have been failures.

Barofsky focused part of his criticism on the Home Affordable Modification Program, known as HAMP, which is intended to help eligible homeowners avoid foreclosure by facilitating mortgage modifications with loan servicers according to St Louis finance experts.

When 2010 ended, on December 31st, there were over 500,000 ongoing permanent modifications under

HAMP, with about 238,000 of those funded by and attributable to TARP which were figures Barofsky called "anemic."

The report also blasts the Treasury Department, which oversees the program, for refusing to adopt "meaningful goals and benchmarks" for HAMP.

In addition, Barofsky says the billions of dollars that were used to bailout faltering financial institutions, such as Citibank, AIG and Bank of America, during the crisis set a dangerous precedent.

"By effectively guaranteeing these institutions against failure, they encouraged future high-risk behavior by insulating the risk-takers who had profited so greatly in the run-up to the crisis from the consequences of failure," he wrote.

Barofsky continues: "In many ways, TARP has thus helped mix the same toxic cocktail of implicit guarantees and distorted incentives that led to disastrous consequences."

Barofsky also faults the Dodd-Frank bill, a law passed last year that enacted sweeping reforms of the nation's financial regulatory framework, for not being forceful enough to deal with too-big-to-fail banks.

"Unless and until institutions currently viewed as 'too big to fail' are either broken up so that they are no longer perceived to be a threat to the financial system, or a structure is put in place that gives adequate assurance to the market that they will be left to suffer the full consequences of their own recklessness, the prospect of more bailouts will continue to fuel more bad behavior with potentially disastrous results," he wrote.

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Articles and News Sponsored by Liberty Lending Consultants

When applying for any type of St Louis mortgage or refinancing, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at (314) 336-9111 and ask for Steve Swan or Doug Stahlschmidt.

Business Owners: Call us at (314) 334-0210 and retain us for one of the best commercial loan modification and principal loan reduction programs available. A principal reduction or loan modification can help if you are underwater with negative equity. As commercial lending and loan modification program consultants, Floyd Tapia and his lending and legal team can focus on bringing you innovative private lending solutions to meet all types of financing needs. We have access to the largest portfolio of private lending institutions and investor backed funding sources available. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

  Sponsored by: St Louis Mortgage, Lending and Refinancing 877-334-0210 Member of the Better Business Bureau Check back daily for more financial news.

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St Louis Mortgage: Scan the below code with your smartphone for more details on the best home mortgage, commercial lending and financing and the best principal reduction program available.

 

=============================================

ARE YOU UPSIDE DOWN ON YOUR HOME?
ARE YOU FACING FORECLOSURE?

What if you could substantially reduce your existing mortgage debt balance in as little as 90 days with one simple application or even get a reduced mortgage principal settlement due to common errors found in 85% of mortgages?

Principal Reduction Program: Watch These Shocking Mortgage Fraud Videos...

You can save your home or business and put a foreclosure stop on the process. A principal reduction or loan modification can also help if you are underwater with negative equity.

 Take action now in order to save your home. Waiting will not help. It will only make your situation worse. This book shown below will take you step-by-step on how to properly fix your mortgage.

Visit our principal reduction and loan reduction website for your FREE loan audit and loan review today!

Before you hire an expensive attorney, do your due diligence first and educate yourself so that you make the right decision for you and your family.

============================================

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Wed, 22 Jun 2011 06:17:00 -0700 St Louis Mortgage Broker and Home Loan Mortgage: HAMP Is Still Struggling http://stlouismortgage.posterous.com/st-louis-mortgage-broker-and-home-loan-mortga http://stlouismortgage.posterous.com/st-louis-mortgage-broker-and-home-loan-mortga

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St Louis Mortgage and Real Estate News –

St Louis Mortgage Refinancing and Lending News: HAMP Found Lacking, Again
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program
877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Modification Consultant

Approximately twelve months ago, the Congressional Oversight Panel found the program HAMP to be struggling to get off the ground despite having been in action for nearly a year and a half.

The latest evaluation of the Home Affordable Modification Program (HAMP) came out and the result was the same deal. HAMP has undergone several tweaks since April 2010.

But the Congressional Oversight Panel, created to issue periodic reports on the TARP bailout program, found little improvement in performance according to a St Louis mortgage broker.

Instead of helping 3 million to

4 million struggling mortgage borrowers keep their homes, as originally projected, HAMP will prevent only about 700,000 to 800,000 foreclosures.

That number is dwarfed by the 8 million to 13 million foreclosures expected to occur by 2012.

Through the end of October 2010, there have been 519,648 permanent loan modifications made.

And, since the Treasury Department lost the authority to further restructure the program at the end of October, bolstering its prospects is no longer likely, the report said.

In fact, banks are offering more modifications through their own process than through the government's.

The new report cited several reasons for the program's failure.

For one, servicers, the companies hired by banks to manage the loans, earn extra profits through fees imposed during foreclosure.

Because of that, servicers were preventing or delaying modifications for their own monetary advantage.

Another big obstacle was that many loans in trouble often came burdened with second mortgages in the way of home equity loans or lines of credit where those banks had to sign off on potential deals.

Because so many homes are worth less than the borrowers owe or negative equity, there is little money to cover the first loan, let alone a second mortgage.

So many banks in the second position refused to sign off unless they were paid something.

The oversight panel also faulted the Treasury for not having effective means of collecting and analyzing HAMP data.

The department, said the panel, did not even set meaningful goals against which to weigh the program's effectiveness.

Because participation has been so limited, HAMP will probably only spend about $4 billion of the $30 billion allocated for it.

Even the loans that have been permanently modified through HAMP have not performed well.

Many have already re-defaulted, and that basically means taxpayer money down the drain.

=============================================

Articles and News Sponsored by Liberty Lending Consultants

When applying for any type of St Louis mortgage or refinancing, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at (314) 336-9111 and ask for Steve Swan or Doug Stahlschmidt.

Business Owners: Call us at (314) 334-0210 and retain us for one of the best commercial loan modification and principal loan reduction programs available. A principal reduction or loan modification can help if you are underwater with negative equity. As commercial lending and loan modification program consultants, Floyd Tapia and his lending and legal team can focus on bringing you innovative private lending solutions to meet all types of financing needs. We have access to the largest portfolio of private lending institutions and investor backed funding sources available. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

  Sponsored by: St Louis Mortgage, Lending and Refinancing 877-334-0210 Member of the Better Business Bureau Check back daily for more financial news.

We Are Now On Google Maps!

St Louis Mortgage: Scan the below code with your smartphone for more details on the best home mortgage, commercial lending and financing and the best principal reduction program available.

 

QR Code for stlouismortgage at Kimtag

 

To "read" the boxy black-and-white bar code above, you'll need a smartphone. If you need a reader APP, you can => Download a QR code APP reader here for your smartphone.

=============================================

ARE YOU UPSIDE DOWN ON YOUR HOME?
ARE YOU FACING FORECLOSURE?

What if you could substantially reduce your existing mortgage debt balance in as little as 90 days with one simple application or even get a reduced mortgage principal settlement due to common errors found in 85% of mortgages?

Principal Reduction Program: Watch These Shocking Mortgage Fraud Videos...

You can save your home or business and put a foreclosure stop on the process. A principal reduction or loan modification can also help if you are underwater with negative equity.

 Take action now in order to save your home. Waiting will not help. It will only make your situation worse. This book shown below will take you step-by-step on how to properly fix your mortgage.

Visit our principal reduction and loan reduction website for your FREE loan audit and loan review today!

Before you hire an expensive attorney, do your due diligence first and educate yourself so that you make the right decision for you and your family.

==============================================

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Thu, 16 Jun 2011 12:14:00 -0700 Principal Loan Reduction and St Louis Loan: HAMP Trials Is A Growing Failure http://stlouismortgage.posterous.com/principal-loan-reduction-and-st-louis-loan-ha http://stlouismortgage.posterous.com/principal-loan-reduction-and-st-louis-loan-ha

Commercial Lending and Commercial Lenders 877-334-0210

St Louis Mortgage and Real Estate News –

St Louis Finance and Loan Audit News: Backlog Of Failed HAMP Trials Grows An Amazing 22 Percent
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program
877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Modification Advocate

The largest servicers participating in the Home Affordable Modification Program (HAMP) have not taken action on 266,136 delinquent mortgages that have either been canceled out of loan modification programs trials or never qualified for one as of October 2010.

This backlog has increased 22 percent since the 218,246 reported in July 2010 and no doubt higher today.

The program's performance, considered

tepidly poor to most, has been hampered by a backlog of trials formed during the early months of the program when servicers would hurry borrowers into a trial and gather documentation later.

As of November, roughly 50,000 borrowers have been in a trial for more than six months, but servicers have worked that number down from 69,000 in October, and new guidelines were put in place to gather all documentation before the trial stage.

But as of October, servicers reported more than 1.49 million canceled trials or loans that never qualified for one, according to the latest Treasury data.

Trials are canceled either because the bank never received the documents, the borrower redefaulted or was deemed ineligible for the program.

More than one-third of these loans are put through an alternative loan modification program.

In fact, nearly a half of the 562,222 canceled trials received a loan modification through the lenders' own programs.

Others go through short sale, deed-in-lieu, an informal payment plan, or foreclosure.

Servicers started foreclosures on 208,998, or 13.2 percent, of these canceled trials and rejected applications.

But every month since July 2010, servicers have added to the backlog of these loans that are still pending action.

Bank of America still has not taken action on 73,185, the most of any servicer.

JPMorgan Chase follows with 60,612, and CitiMortgage, the servicing arm of Citigroup, holds 60,531.

Tim Massad, acting assistant secretary for financial stability at the Treasury, said in a briefing with reporters earlier in December 2010 that servicers simply weren't prepared for the scope of the foreclosure crisis, allowing for backlogs to form in understaffed operations.

"It's been clear all along that the servicers were not equipped to handle this problem," Massad said.

=============================================

Articles and News Sponsored by Liberty Lending Consultants

When applying for any type of St Louis mortgage or refinancing, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at (314) 336-9111 and ask for Steve Swan or Doug Stahlschmidt.

Business Owners: Call us at (314) 334-0210 and retain us for one of the best commercial loan modification and principal loan reduction programs available. A principal reduction or loan modification can help if you are underwater with negative equity. As commercial lending and loan modification program consultants, Floyd Tapia and his lending and legal team can focus on bringing you innovative private lending solutions to meet all types of financing needs. We have access to the largest portfolio of private lending institutions and investor backed funding sources available. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

Sponsored by: St Louis Mortgage, Lending and Refinancing 877-334-0210 Member of the Better Business Bureau Check back daily for more financial news.

We Are Now On Google Maps!

St Louis Mortgage: Scan the below code with your smartphone for more details on the best home mortgage, commercial lending and financing and the best principal reduction program available.

 
To "read" the boxy black-and-white bar code above, you'll need a smartphone. If you need a reader APP, you can => Download a QR code APP reader here.

=============================================

ARE YOU UPSIDE DOWN ON YOUR HOME? ARE YOU FACING FORECLOSURE?

What if you could substantially reduce your existing mortgage debt balance in as little as 90 days with one simple application or even get a reduced mortgage principal settlement due to common errors found in 85% of mortgages?

Principal Reduction Program: Watch These Shocking Mortgage Fraud Videos...

You can save your home or business and put a foreclosure stop on the process. A principal reduction or loan modification can also help if you are underwater with negative equity.

Take action now in order to save your home. Waiting will not help. It will only make your situation worse. This book shown below will take you step-by-step on how to properly fix your mortgage.

Visit our principal reduction and loan reduction website for your FREE loan audit and loan review today!

Before you hire an expensive attorney, do your due diligence first and educate yourself so that you make the right decision for you and your family.

Permalink | Leave a comment  »

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