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Sunday – January 8, 2018

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What Every Homeowner Needs To Know About What Is Really Controlling Loan Modifications in 2018

The response of Congress and the Treasury Department ten years ago to the Mortgage Crisis of 2008, which was triggered mostly by the reckless lending policies of securitized trusts and the federal government’s faulty regulation, was to shower trillions of taxpayer dollars on the banks even if they did not need or want the TARP bailout monies, while creating a laboriously slow and unworkable meager loan modification process for borrowers in distress called HAMP.

Meanwhile, after ten years the HAMP program is generally regarded as a complete failure for most homeowners needing mortgage relief, and indeed the majority of homeowners receiving HAMP relief fell back into foreclosure, but the reasons why have been largely concealed or overlooked.

This year, in an effort supposedly to correct some of those blatant deficiencies, new loan modification programs have been announced for 2018 (1) by the Federal Housing Finance Agency (FHFA) created by Congress on July 30, 2008 which presently is the appointed conservator of Fannie Mae and Freddie Mac, (2) by the Consumer Financial Protection Bureau (CFPB) more recently created by a Democratic Congress whose existence is now being threatened by a Republican Congress, and (3) by both Fannie and Freddie.

These new loan modification programs for 2018, of which most homeowners and foreclosure judges are largely unaware, claim (1) to transform the HAMP loan modification program into the Flex Mod Loan modification program with streamlined features and that extend eligibility, (2) provide enhanced relief for high loan-to-value mortgage loans, and (3) grant new protections to homeowners, especially those homeowners in advanced stages of foreclosure proceedings.

On this Sunday’s show, we will reveal some of the largely heretofore hidden secrets of the underworld of loan modification processing that have beleaguered homeowners applying for loan modifications in the past and that can still be expected to continue to thwart the new 2018 relief programs.

We will also briefly discuss the new 2018 government loan modification programs and assess whether and to what extent they might help our listeners.

Again, the common theme in virtually all of our shows continues to be the obvious: that homeowners will continue to be abused by false promises of mortgage relief ad infinitum until homeowners in the United States organize and unite.

And reflect again on the numbers: there are approximately one hundred million homeowners in the United States and less than one hundred principal lenders of which only a handful are securitized trusts doing most of the foreclosing for Fannie Mae and Freddie Mac who really own most of America’s mortgages, another underworld of intrigue and concealment and private riches for government insiders.

Had enough government abuse? Have you filled out your Membership Application and joined the Homeowners SuperPAC yet?

Gary Dubin

Please go to our website, www.foreclosurehour.com, and join your fellow homeowners in the Homeowners SuperPac today.

A Membership Application is posted there waiting for your support.

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Past Broadcasts