Loan Modifications Home Affordable Modification Program

Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist... more +
Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist borrowers in meeting their obligations and avoid foreclosure. Such mortgage loan modifications may include reduction of principal amount or interest rate, lengthening of loan term, and monthly payment caps. less -
News & Analysis as of

California District Court Denies Certification Where Putative Class Members Lack Standing and Plaintiff Fails to Conduct Extensive...

The United States District Court for the Eastern District of California recently denied class certification in a case alleging wrongdoing by a loan servicer in connection with the Home Affordable Modification Program...more

HAMP and Section 75-1.1, Part 2

In yesterday’s post, we discussed when a lender’s failure to comply with guidelines under the federal Home Affordable Mortgage Program (HAMP) might violate N.C. Gen. Stat. § 75-1.1 as well. We analyzed a very recent federal...more

HAMP and Section 75-1.1, Part 1

In a recent article, Matt Sawchak explained per se violations of section 75-1.1. When courts recognize a per se violation of section 75-1.1, they are saying that violating a separate source of law—a separate statute, a...more

Mortgage Modifications: Senior Loans May Become Not So Senior

Sperry Assoc. Fed. Credit Union v. US Bank Nat’l Ass’n (In re White), 514 B.R. 365 (Bankr. E.D.N.Y. 2014) – A junior mortgagee sought to subordinate the senior mortgage loan based on an argument that modification of...more

GAO Recommends Better Data Analysis to Improve TARP Housing Programs

On October 6, the GAO released a report recommending that the Treasury Department improve its analysis of data it collects on HAMP. As of June, Treasury has disbursed only about one-third of the $38.5 billion in TARP funds...more

Borrowers File Petition for Writ of Certiorari Related to Permanent Loan Modification Under HAMP

Citing a circuit split among the Seventh, Ninth and Eleventh circuits and the “great importance” of settling the question, the borrowers filed a petition writ of certiorari in the Supreme Court asking the Court to determine...more

Fannie Mae Issues Numerous Servicing Policy Updates

On January 24, Fannie Mae issued Servicing Guide Announcements SVC-2014-01 and SVC-2014-02, and on January 29 issued SVC-2014-03. Effective April 1, 2014, the first announcement revises Fannie Mae’s requirements for borrower...more

Federal District Court Denies Class Certification In Loan Modification MDL

On September 4, the U.S. District Court for the District of Massachusetts denied class certification of individual borrowers in a consolidated action against a national bank for allegedly mismanaging requests for HAMP...more

Ninth Circuit Reinstates HAMP Class Action

On August 8, the U.S. Court of Appeals for the Ninth Circuit held that HAMP Trial Period Plans (TPPs) create a contractual obligation that the servicer offer a permanent modification to borrowers who complete the TPP....more

U.S. Court of Appeals: The Home Affordable Assistance Program Has Produced More Litigation Than Happy Homeowners

In Corvello v. Wells Fargo Bank NA (--- F.3d ----, C.A.9 (Cal.), August 8, 2013), the Ninth Circuit Court of Appeals held that Wells Fargo Bank was required to offer borrowers permanent loan modifications to their home...more

Ninth Circuit Opens Door for Protracted HAMP Litigation

Earlier this month, the Ninth Circuit reversed a lower court’s dismissal of two consolidated class action complaints, holding that mortgage servicers participating in the Home Affordable Modification Program (HAMP) are...more

California Federal District Court Grants Class Certification In HAMP Litigation

On August 5, the U.S. District Court for the Northern District of California certified a class of borrowers who allege that a mortgage servicer wrongly rejected mortgage modification applications and improperly initiated...more

IN RE BANK OF AMERICA HOME AFFORDABLE MODIFICATION PROGRAM (HAMP) CONTRACT LITIGATION

BANK OF AMERICA'S SENIOR LOAN COLLECTOR ADMITS TO LYING BECAUSE HE WAS TOLD TO LIE

Attached is an affidavit of a senior loan collector for BOA that was filed in United States District Court for the District of Massachusetts under case number MDL 2193. Simone Gordan stated the following under oath: ...more

Federal Agencies Announce Two-Year HAMP Extension

On May 30, the FHFA announced that Fannie Mae and Freddie Mac will extend the Home Affordable Modification Program (HAMP) through December 31, 2015....more

Extension of Loan Modification Programs

On May 30, Treasury and HUD announced an extension of the Making Home Affordable Modification Program (HAMP) through December 31, 2015. In addition, on May 30, the FHFA announced that it has directed Fannie Mae and Freddie...more

New Loan Modification Program Announced! #LoanModAttorney

The Federal Housing Finance Agency, the agency that oversees Fannie Mae and Freddie Mac, is launching a new loan modification program. The program is something quite different from HAMP and HARP. What is does is make the...more

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