Treasury: No Further HAMP Extensions
Submitted by
CalculatedRisk on Fri, 01/15/2010 - 9:10pm (71 comments)
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IOW, they're going to close the HAMPer.
Treasury: No More HAMPing
"Treasury: No Further HAMP Extensions"
HOLY F$%K!!!!!!!! RUN FOR THE FREAKIN' HILLS!!!!! THE GOV"T'S ENDING A FAILED POGROM!!!!!
"IOW, they're going to close the HAMPer."
I'm surprised. I'd think that the taxpayer picking up the tab on the difference between what the house is worth, and the outstanding loan, would be the plan of the day and the
's wet dream.
HAMP-sters dance?
I guess no more Extend, . . .it's on to the Pretend!
Maybe they want to threaten a wave of foreclosures to get the people scared of
again?
sdtfs wrote:
Nope, switching straight to "send" as in "send in the keys".
"HAFA" - Foreclosure Warning Dead Ahead! - The Market Ticker
"HAMP", the Treasury's program to "prevent" foreclosures, did not originally appear to have a "stick." Well, here's the stick folks - for those who cannot qualify for a modification, or who "blow it" while on a trial program and simply don't get a permanent change servicers are in fact required to offer short sale or "deed in lieu" alternatives when they make sense.
Well, just looking at those numbers, they do tend to produce
I think the pretend and hope is going to be running out for a lot of people in 2010.
I keep reminding my friends that hope is not a plan, and RRE has been limping alone hoping and praying for a bottom. You never know, it may be coming soon to a zip code near you.
There will be "further guidance", whatever that means.
They extended from 3 months to 5 months and then to the end of January ... that is it for a number of people.
The program isn't ending ... just the extensions.
best to all
Just skip ahead to the part where I see how much this costs me
No need for the sham Senate Hearings or the "we're doing this to avoid a larger problem"
Just send me the BILL
DOW 6000 wrote:
I think we're skipping the part where we decide whether to pay it, or not.
Big Boats (think iceberg) take a relatively long time to sink.
From the article:
I like this thinking. Give someone who now has no chance of paying off the mortgage a principal reduction. I guess the trick is to make it big enough to seem desirable and yet still leave it out of reach of the borrower.
On;y partly OT on Haiti. Pat Robertson gets his history wrong; he says under "Napoleon III" which is way off,. If anything was a deal with the Devil, it was the crushing reparations that Haiti was compelled to pay as compensation to slave owners etc...
In Haiti they cut down too many trees
On the advice of Agora Financial personality Byron King, I sent a donation to Hopital Albert Schweitzer Haiti
During the state panel of the FCIC yesterday I think I heard that fraud was involved in 30% of the subprime mortgages. If you go to the mortgage fraud blog several people a day are getting sentanced, we will soon have to build new prisons for them, I suggest Attu in the aleutian islands being about as far from anywhere as possible. Build the units out of used containers which exist a lot in la and go with it. Let them live in what amounts to the Katrina cottages.
i consider the internet our last best chance to work together for some economic justice in response to the financial crisis which first and foremost is born of outright fraud
Yes. Including seemingly insignificant conversations on blogs like this one. We don't even need symbolic language, funny handshakes and furry hats (though it could be fun) like past intellectual freethinkers had to resort to.
Hey, don't forget, every one of these "failed" programs adds just a few more chips to the banks capitalization pile, and that, folks, is what it's all about. By hook, or by crook...
ldmeier wrote:
Ha ha ha! Good one! I guess the other 70% were just innocent misunderstandings.
sdtfs wrote:
Wooohooo there Nelly! Those 70% fogged the mirror.
People do stupid things when they are chasing a dream, and people are telling them they can do it.
I know a lot of people who was pushing me to buy a SFH for the last 8 years or so. It was damm tempting, but the numbers gave me a reality check. And I suck at math.
sdtfs wrote:
the one thing I know, from 30 yrs in real estate, is that 80% of people do not understand mortgages, loan docs, escrow paperwpork. They just do not have the abiliy or capablity to read those docs or get what it means.
People think they will be better off in 3 t o5 years, they will earn more, they will save more, they will live life in a new way that will make it work,somehow.
The ignorance is astounding. The trust is scary.
Heh, I still have my envelope from 2006 offering me my 80/20 mortgage (Coldwell Banker) on $169,000.
Man, I dodged a bullet on that one. I would have been $40k in the hole now.
josap wrote:
So they rely on the mortgage broker,...who shepherds them into making fraudulent claims. I know who should have known better.
Edit: And the realtor, after all, they're the professionals. If they say this is how it's done, then I guess we should just do it.
Jonathan wrote:
Go spend that 40K you saved!
sdtfs wrote:
You could use it to open a margin account!
sdtfs wrote:
No, they rely on neighbors, co-workers, MSM, brokers of all stripes. They don't research, do the math, look at what is going on around them. They think others are smarter, faster, surer - so they follow the precived leader.
They don't think.
Thinking is hard, gives me a headache.
Can't someone just tell me how to be rich?
Kauai_Kahuna wrote:
Can't someone just tell me how to be rich?
Start rich.
Here is an idea, to defeat the "move your money".
Change your name!
On January 30, 2010, HSBC Direct will be renamed HSBC Advance.
Spend less than you earn.
Accept 'enough' as 'rich'.
Maybe this is the best any of us can hope for.
I have a funny hat...
Jonathan wrote:
Bingo.
Holy cow, Ratigan is laying it down!
The Big Picture » Blog Archive » Elizabeth Warren: Behind the TARP Bailout
Worth a peek.
I was being sarcastic, but I am really a strong believer in "it's not how much you make, it's how much you keep".
23 Trillion,
The upside is I have learned how to spell Trillion, and can say it without stuttering and throwing up a little in my mouth.
I am speechless.
This is HR 4173, “‘The Wall Street Reform and Consumer Protection Act of 2009.
http://financialservices.house.gov/Key_Issues/Financial_Regulatory_Reform/FinancialRegulatoryReform/111_hr_finsrv_4173_full.pdf
On Section 1701 (ADDITIONAL IMPROVEMENTS FOR FINANCIAL CRISIS MANAGEMENT.) starts on page 436 and on subsection C (FINANCIAL CRISIS MANAGEMENT) talks about unusual and exigent circumstances. Page 437 says “Upon making any determination under this paragraph, with the consent of the Secretary of the Treasury, the Financial Stability Over
sight Council shall promptly submit a notice of such determination to the Congress. The amounts made on available under this subsection shall not exceed $4,000,000,000,000.”
Basically this bill allows future $4 Trillion back stop to WallStreet casino.
Does anyone have any contacts at the big banks? An acquaintance of mine was just laid off today from one of the TBTF banks. Not really close enough to her to dig for details, but the fact that they had a round of layoffs today was unsettling. Maybe I'm just getting too paranoid from all the
that's been flying around here this week.
wawawa wrote:
You didn't think they were gonna, you know, telegraph the purpose of the bill, did you?
wawawa
Is that the same 4 Trillion for Fannie/Freddie? Or another 4 T?
twice the notional derivates...that makes sense. Glod help us....
thats 10x fannie freddie, and completely different. Although the FF could be part of it presumably...who knows, who cares? We're forked no matter how you tally it up.
I'm sure they are counting on the bank tax to maintain their populist favor when distressed sales inevitably increase.
Kauai_Kahuna wrote:
I thought Fannie/freddie was $400 Billion, this is somthing else.
That $120 BB tax on those fat cats is almost 3% of that. "One Hundred and Twenty Billion Dollars" [:pinkie to corner of mouth:]
Ratigan and Warren where pretty straight forward, too bad no one is listening.
That was a pretty powerful interview, I'm just wondering what role TPTB expected Warren to play, and is she following some playbook, or just tee'd off enough to go off script?
In either case I wish I could both of them a couple of drinks and just listen to them rant.
Yea, billions, trillions, I get confused some times.
I think I need to get some sleep, got to get up at 4am for work tomorrow.
Good night all, and thanks for the reality check.
I love the horse poop that "paying" the gov't back is paying the US people back.
Just pure noise to divert attention.
Oxtail wrote:
HELOC and CC's are both losing big $; the TBTF banks are hiring as well though; WFC has literally hundreds of openings on their site all over the country.
Thread Tunes: 'Como Amigos' by Alex Cuba
Kauai_Kahuna wrote:
You answered yourself - no one is listening and the TBTF knew no one would listen so didn't sweat it. Didn't need a script when no one watches the play anyway.
Edit: ZZzzzZZzzzZzzz....
Stop right there
It never ceases to amaze me how liberals hire the fox who ate the hens to guard the empty henhouse.
For years Michael Barr was an "affordable housing" hawk who helped usher in the very products which unleashed this crisis. Now he is a top administration official handing out shots of "hair of the dog."
Elizabeth Warren is the idiot law professor who confessed in a PBS Frontline hatchet job on credit cards that she couldn't understand the terms on a credit card disclosure. Concepts such as properly pricing risk and paying for economic benefits are way above her reading level.
Obama has filled key government positions with people who have never worked in the private sector and don't have the experience to run a successful lemonade stand.
don't literally stop right there, I just couldn't think of a suitable yet funny companion phrase to tie the photo to the thread but the picture definitely belongs in this thread
dryfly wrote:
The only interesting bit was the capital competition point. But that misses the point. Money gives one a claim on goods, services...capital. Thus printing it is a real advantage. The real issue is, why are they allowed to print it?
oxtail
wouldnt be bbt would it?
EvilHenryPaulson wrote:
Really man! It was this big!
BTW EHP, WTF is that?!?
No, it was the bank that gave the markets heartburn today. Anyway, I don't really know the details so it probably doesn't mean anything.
an anteater doing an impression of Timothy Geithner at the HAMP press conference?
when did HAMP begin anyhow, it was mentioned in mid-Feb, outlined on March 4, detailed on April 28. So this January is the 8th month?
I suspect any "further guidance" will be about shunting units off into short sales and spending more of the $75bn budget in some way shape or form
EvilHenryPaulson wrote:
Junkets!
Nytol
Army to end robotic vehicle, aircraft efforts - TheHill.com
sweet mini-getaway thomas mayer_ archive / Architecture / projects / log house study Hans Liberg
EvilHenryPaulson wrote:
Kinda cute huh? In the book "Time is Short and the Water Rises" the author talks about how this cute pygmy anteater stood up on it's hind legs like that,...then buried it's strong razor sharp claws (used for pulling apart termite mounds and ant's nests) into his leg.
DP Roberts wrote:
I'm sure you understand them precisely. I think anyone who has seriously tried reading the brochure that comes with the notice will agree that it's not exactly riveting reading.
Properly pricing risk,...hmmmm,....where have I heard that before? I heard a lot about it recently it seems,...now, just where could it have been? Oh, I know, all the failing banks. Now was it RRE, CRE, CC, or some other aspect of their business? Oh, that's right, all of them.
When I look at those supposed million dollar homes on Jim the Realtor's blog, I think to myself, yep, affordable housing is what got us into this mess. That and liberals.
Sounds like the banks have informed the treasury they're ready to start dumping houses. BofA is ready to dump 6,000 this year in Vegas.