Do You Know Exactly Who Is Receiving Info When You Apply For HAMP?


Do You Know Exactly Who Is Receiving Info When You Apply For HAMP?

Do You Know Exactly Who Is Receiving Info When You Apply For HAMP?

Via: Anonymous

This is fascinating. It showed up on the American Banker site this morning, which is not readable without subscription.

Contrary to the statement that these ‘counselors’ do not “track” follow-up, I recently received a request to fill-in a follow up e-survey which was oddly pre-filled out stating erroneously that I had not disclosed the identity of my bank during my “counseling” session.

I forwarded it to SIGTARP, COP, and the President with the relevant questions.

So… Could it be that counsel-obtained info via Hope hotlines could corrupt HAMP performance data, and/or disadvantage borrowers in litigation/settlement?

Excerpt from article:

Some industry experts have questioned why a nonprofit affiliated with servicers is receiving government funding to resolve disputes between borrowers and the same servicers who are denying modifications. Several distressed homeowners who contacted American Banker said servicers refuse to give explanations for denied mods. Many were put into trial mods at a reduced payment but were later denied and are now in worse shape because servicers demand that any arrearages be paid in full for the loan to become current.

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3 Responses to “Do You Know Exactly Who Is Receiving Info When You Apply For HAMP?”

  1. Snady says:

    This has been a major frustration for me. I cooperated fully with Bank of America and sent very personal and private information for processing a HAMP modification, for which BoA told me I was qualified. EVERY time, I was advised that the documents were lost and I would have to send them again. I believe this is an egregious violation of privacy rights and should be part of the outrage against BoA. How is anyone supposed to be okay with the haphazard handling of confidential information that includes name, address, SSN, bank account numbers and even an authorization to the IRS to retrieve tax returns? (If you sent this, be sure to cancel the authorization ASAP.)

    Indeed, who is receiving our information, and who is asking for it the fifth and sixth time?

  2. Virginia says:

    I’m beginning to think the government, including Obama, has never read any of these Pooling and Servicing agreements:

    “The Servicer may agree to a modification of any Mortgage Loan at the request of the related Mortgagor if (i) the modification is in lieu of a refinancing and (ii) the Servicer purchases that Mortgage Loan from the Trust Fund as described below.”

    Any idiot would know that the Servicer is not going to “purchase” the loan – this is a total waste of time. These banks are all over-leverage and must spin off these toxic loans to survive – they are depleting the Trusts with no thought to the actual investors (the plumbers, electricians, teachers, govt’ workers, etc.) whose pension funds they have raped and pillaged.

    Whatever money they gain in foreclosures – after their expensed are paid, will be used to settle the “first come, first served” investor lawsuits. When they run out of money its bankruptcy protection – and too bad for millions of Americans thinking their pension still awaits them. If you didn’t know – there is no fiduciary duty to anyone in a Ponzi scheme.

    Wouldn’t it be better to preserve the Trusts and reconstruct the loans with the borrowers? If I were an investor’s attorney – I’d be filing injunctions with the court to stop the depletion of assets from my trusts and start considering a new plan of negotiating monthly payments into an escrow account. Even at 1 Trust of 6000 loans at $900 a month is over $64 million a year. It better than losing $$ billions while waiting for a class action to be decided.


  1. […] This post was mentioned on Twitter by Brett Robbins . Brett Robbins said: Do You Know Exactly Who Is Receiving Info When You Apply For HAMP?: So… Could it be that counsel-obtained info… […]

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