PLEASE ONLY POST - Articles, Official Letters, Testimony, Rules and Regs. Moe - perhaps a Sticky is

THANKS2U

THANKS2U

LoanSafe Member
Thanks to ama125 and others here on Loansafe, we have been directed to web sites where we can view specific Loan Modification articles, letters, Hearing Testimony, Video and Written testimony, Updates to HAMP, etc...

These communications come from writers for the New York Times and other Publications, as well as, Press releases from, HUD, the Dept of Treasury, Fannie Mae, Freddie Mac, The Senate Banking Committe, the White House and many more helpful public and private sectors or for Loan Modification information.

I hope that this thread will ONLY BE USED FOR and designated as an area to POST those articles and informative websites, so that all the information and links can be found here, on this thread alone, without searching the 80,000 plus threads on loansafe.org....

Respectfully THANKS2U See below for 1 such article link

I will contribute by stealing the web link posted by ama125 : )
Using links that you did not find yourself, is a form of flattery . . LOL

Thank you wholeheartedly ama125

http://www.nytimes.com/2009/07/30/bu...0services.html
 
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ama125

LoanSafe Member
Here are a few starters:

1. Moe's other site (he blogs on recent events, offers tips, and posts recent news articles. He is also the founder for LoanSafe.org and manages these forums): Loan Modification - Find government help to stop foreclosure

2. Official gov site for the Making Home Affordable Program (MHA): Making Home Affordable - Home

3. Another gov site with links to the MHA: FinancialStability.gov | U.S. Department of the Treasury

4. eFannie Mae site (they are the administrator for the MHA, their guidelines to servicers mirror those on the website for servicers): https://www.efanniemae.com/home/index.jsp

5. Website for servicers (if you want more insight on how and what they are doing on their end): https://www.hmpadmin.com/portal/index.html

6. FDIC loan modification page (this is their loan mod program for IndyMac borrowers, on it is a description of their program as well as an NPV model. The NPV test is designed for their program and not the MHA, but it can be tinkered with to give others an idea of what this test is and how it calculates the cost of foreclosure vs cost of loan modification. Just don't take it to heart and use it for illustrative purposes only): FDIC: FDIC Loan Modification Program Guide – "Mod in a Box"
 
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ama125

LoanSafe Member
1. Freddie Mac site pertaining to MHA (note that they are to audit compliance for the MHA and are, as of this date, 7/31/2009, developing a second-look program for loans that have been rejected under the HAMP): Home Affordable Modification Program - Freddie Mac

2. Treasury details regarding second lien program: http://www.treasury.gov/press/releases/reports/042809secondlienfactsheet.pdf

Please note the following statement from Fannie Mae (as of 7/31/2009):
Changes to the Making Home Affordable Program

The Treasury Department recently announced updates to its Making Home Affordable Program to include a second lien program and the use of short sales and deeds-in-lieu of foreclosure. Fannie Mae is currently working on policy and operational details with the Treasury and other stakeholders and will issue Fannie Mae Servicing Guide Announcements in the near future.
 
THANKS2U

THANKS2U

LoanSafe Member
ama125 said:
HUD site with details on the Hope for Homeowners Program (has been improved and is to work in tandem with MHA trial modification): HOPE for Homeowners - HUD
Click to expand...

ama.... Is that short for AMAZING : )

Thank you for all your amazing contributions !

I found a MORTGAGE PAYMENT CALCULATOR FROM MSN

Compare Mortgage Loans - MSN Money

I always need to scroll to the top of the page to start with calculations, otherwise the page looks BLANK at first, unless I scroll to top, then the site comes into view...

It has 3 areas to do 3 different calculation at 1 time - Great time saver

I also just type in 0 $ for Down Payment, Taxes and Insurance, because all I am really wanting is the P & I total - P rincipal and I nterest total.

Best calculator I have found - It is simple, fast and to the point.

Compare Mortgage Loans - MSN Money
 
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ama125

LoanSafe Member
Just wanted to post this as well, I emailed servicing solutions (got this email address from the Fannie Mae servicing guidelines, it is intended for servicers to email questions about HAMP):

"<style></style>Sent: Wednesday, July 29, 2009 3:46 PM
To: Servicing Solutions
Subject: (BFC/HMP)Question regarding NPV test

​

If a borrower requests to see the detailed calculations of his/her NPV test, can that be disclosed to him/her?"

I JUST got a reply (as you can see, I did not identify myself as a homeowner posing this question). Here is the response:
"<style></style>no, the NPV outputs should not be disclosed to the borrower.
Thanks,"

WTF?! If I apply for a credit card and get denied, I am entitled to a reason for the denial as well as a free copy of my credit report to dispute any errors. Why should that not be the case for loan modifications? @^*%$
​
 
THANKS2U

THANKS2U

LoanSafe Member
ama125 said:
Just wanted to post this as well, I emailed servicing solutions (got this email address from the Fannie Mae servicing guidelines, it is intended for servicers to email questions about HAMP):

"<STYLE></STYLE>Sent: Wednesday, July 29, 2009 3:46 PM
To: Servicing Solutions
Subject: (BFC/HMP)Question regarding NPV test​



If a borrower requests to see the detailed calculations of his/her NPV test, can that be disclosed to him/her?"

I JUST got a reply (as you can see, I did not identify myself as a homeowner posing this question). Here is the response:

"<STYLE></STYLE>no, the NPV outputs should not be disclosed to the borrower.
Thanks,"​


WTF?! If I apply for a credit card and get denied, I am entitled to a reason for the denial as well as a free copy of my credit report to dispute any errors. Why should that not be the case for loan modifications? @^*%$

​
ama125

I wonder who answered your question ? I bet if you asked the same question at a different time on Monday, you might get a different answer ? But who knows --What a bunch of BS

They stated SHOULD not - But what about they can not LEGALLY disclose the NPV test results ?

I just put down the link you gave me about frequently asked questions...


https://www.efanniemae.com/sf/guides/ssg/relatedservicinginfo/pdf/hampfaqs.pdf



I would at least contact Freddie Mac, the Treasury and Senator Dodd, etc and ask them to put into the questions and answers of the Fannie Mae PDF I just put up again that, Quote: " It is Mandatory that a full copy of the NPV test results, in its entirety, must be legally disclosed and is e mailed or faxed or postal mailed, within 10 business days, to the borrower, when said borrower requests the NPV test results."

Hope that works - If not, they should be made to legally put in the fannie Mae questions and answers that they will not divulge the NPV and then maybe thousands will get pissed off and some public officials and polititians will make it legally right, as in borrowers are legally entitled to the NPV results, no matter what !!!

It is crazy how these Regulatory Faction Parties just get away with murder, with the defense of just CUZ ! That is why we do it this way or that way, just CUZ! .... Now No More Questions, everyone just disperse and disappear into the foreclosure sunset.. or else off with their heads..

I sure hope they rope all these abusive mercenary money grabbers into the time out corral soon, so we can get out of their imprisoning loan corrals, which they entrapped us into!

Good luck my friend

Thanks2U
Click to expand...
 
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ama125

LoanSafe Member
Thanks2U - I just sent them the following email:

"Just to clarify, by using the word "should not" in your response below, does this mean it is at the servicer's discretion to divulge the NPV outputs if requested by the borrower or did you mean to say that the servicer is not permitted to do so? Could you also please direct me to where in writing this is stated as I do not see this in Announcement 09-05R, (the guidelines to servicers)?"

I'll let you know if they reply and what they might say.
 
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ama125

LoanSafe Member
Thanks2U - I got a reply to my second email and now it has a confidentiality statement on the bottom of it that the contents of the email and its attachments are not to be shared or used without Fannie Mae approval (no such statement in my first response I received). But, to summarize, it further iterates not to disclose the results. I'll be calling my HUD counselor on this one for sure! I'd post it, by my full name is in my email address so I don't want to do anything to create problems for myself.

 
THANKS2U

THANKS2U

LoanSafe Member
ama125 said:
Thanks2U - I got a reply to my second email and now it has a confidentiality statement on the bottom of it that the contents of the email and its attachments are not to be shared or used without Fannie Mae approval (no such statement in my first response I received). But, to summarize, it further iterates not to disclose the results. I'll be calling my HUD counselor on this one for sure! I'd post it, by my full name is in my email address so I don't want to do anything to create problems for myself.

Yes, I agree - I am thinking of just 1 word on this NPV issue....



TRANSPARENCY

I think the NPV test should be given to the borrowers on request

An, I just bet those abusive JERKS at Fannie Mae know it should be revealing the NPV but will not do so until it is in writing from the administration..

Until then, all these Servicer and Investor Mortgage abusers are going to keep on abusing and abusing us, until they are forced, in writing, to STOP and even then we must still stand up for our legal rights and push the issues...

Hopefully the NPV test will be in writing that when any borrowers request the NPV test, the NPV must be shown in its entirety, within 10 business days, etc

Good Luck and let us know what HUD states.....
Click to expand...
 
THANKS2U

THANKS2U

LoanSafe Member
ama125 said:
Servicer/lender incentives for homes in hardest hit areas (does NOT apply to Freddie Mac and Fannie Mae loans): https://www.hmpadmin.com/portal/docs/sd0904.pdf
Click to expand...
ama125

WOW - The lack of fiduciary and ethical responsibility is Sad and the transparecy of truth is a cruel sword upon us coerced, defrauded and swindled borrowers.

Here is an article on HARP - The refinancing part of the Obama plan, written by Holden Lewis, of bankrate.com, on July 16, 09 I think ?

Explains some of the FINE PRINT of the Harp program.

Want to refinance? Know the details of the Obama plan page 1

Want to refinance? Know the details of the Obama plan page 2

Respectfully,

THANKS2U
 
THANKS2U

THANKS2U

LoanSafe Member
ama125 said:
Oh that pesky NPV test!
New info from the hmpadmin site: https://www.hmpadmin.com/portal/docs/job_aids/npvtestresults.pdf (*sigh* to have a servicer login)
Someone on our side (testimony from National Consumer Law Center 7/16): http://banking.senate.gov/public/in...Store_id=c11a869f-9606-40e8-aab1-886cfb902829
Click to expand...
CRAZY ! Am I now to understand that the NPV rules have been changed for Fannie and Freddie / "GSE" loans, in that Q # 37 page 9 which stated a NEGATIVE - NPV test result will not apply to GSE loans / loans owned by Fannie Mae and that the servicer must give a modification loan to Fannie Mae owned loans and probably the same guidelines for Freddie Mac ?? Regardless of a Negative NPV result.....

https://www.efanniemae.com/sf/guides/ssg/relatedservicinginfo/pdf/hampfaqs.pdf

OK - Hold up and let me re- think this confusing portion of the modification guideline -

I Read it again, both your thread link for the slick swindling servicer NPV shown as "Retrieving and interpreting the NPV test results" and the Fannie Mae site Q # 37 page 9 -as shown in the efanniemae link above ...

I Do NOT understand the NPV modification guideline language stating, quote, "UNLESS PRINCIPAL FOREBEARANCE IS NEEDED TO ACHIEVE THE TARGET PAYMENT AND THE RESULTING MARK-TO-MARKET LTV RATIO FALLS BELOW 100 %.... IF THIS OCCURS, THE BORROWERS IS N O T ELIGIBLE FOR A MODIFICATION UNDER THIS PROGRAM AND SHOULD BE CONSIDERED FOR OTHER LOSS MITIGATION OPTIONS"

Yah right ! The borrower may be considered for about 5 seconds and then tossed into the bank servicer gas chambers and exterminated..

I have NO IDEA what they mean regarding principal and mark to market etc etc

ama125 - - Can you please explain what will make a borrower NOT ELIBLE under HAMP, according to the quoted statement above.

I have no idea what Mark-to-market LTV etc etc means

Thank you.

Appreciatively,

THANKS2U
 
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ama125

LoanSafe Member
THANKS2U said:
ama125 - - Can you please explain what will make a borrower NOT ELIBLE under HAMP, according to the quoted statement above.

I have no idea what Mark-to-market LTV etc etc means

Thank you.

Appreciatively,

THANKS2U
Click to expand...
I am trying to understand this as well and how it is calculated. I just emailed my friend who is a loan officer. I will also ask my HUD counselor to give it to me in layman terms. Just when I think I've got the puzzle figured out, I find another piece!
 
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