I think that if you trace HAMP to the source you will find this was an invention of the bureaucrats at the Treasury who fooled both the public (and probably Obama, perhaps the new Secretary) and even the banksters. If you read the implementing instructions it becomes clear this is a maze that few can find an ‘approved’ entry to or exit from. Just the ‘dictionary’ was 136 lines with 10 cells on an Excel spreadsheet (190kb). I was looking at the fifth revision.
HAMP did forestall a few foreclosures, but it took jumping through hoops. Only a small sum went to the service folks and the rules were changed quarterly. On the banks side they wanted it to work as it could put off the loss while it was in HAMP. It was badly implemented because it was like that pea and shell game. I got a headache reading through all the ‘rules’ and categories and realized this lacked a hard and fast rule. It was ‘optional’ for the bank and the borrower.
It is fair to blame the banksters for most of the failure, but the Treasury was most at fault and those folks who created it are the crats who are not swept away with a changed administration. These critters do either retire or seek jobs with those who must figure out the rules.
I’m giving Obama and maybe even Timothy a pass on this one.. they had a lot on the plate and let the crats do the chores. Congress is who I’ll blame.. they should have never raised the lending limits that Fannie and Freddie could provide as that’s what sent this bubble aloft. People have to have jobs that pay enough to pay these loans. They did not and even as we see from this tale.. people have tried and can’t due to a host of issues.. but folks… a $2,600@ payment is only part of home ownership. You need a net income of $10,000@ month to service such a debt. Clearly a lot of folks were to blame.
‘Wanting’ this house is not planning so as to afford it. People acted imprudently and now we’re ALL going to pay and pay and pay. The lawyers and banksters never pay, which is why they need to be REGULATED. That is worth getting angry over. Home ownership was never (after maintenance, taxes and insurance) going to appreciate more than 1-2% a year.. if you maintain and update. The whole idea of buying houses that will eat your income to the extent these folks have was NUTS.
Yes it was also a stall tactic, but that’s not a bad thing given the mess we’re all in. Congress are who we need to rail on. Fannie and Freddy need to go away. Local banking isolated from the ‘products’ is what we need back. They worked and worked with the borrower. Today the investors are detached and suckers too.
-->
Judges cannot be changed, and...
by Wubbies World
ABB
by joecollins
One problem with the hiring loop
by Death_of_the_Donkey
Spot On Moe
by onehutu
Republican Don't Know That One
by megsmom
You forgot Jimmy Carter Mike....of course...now he's the THE most rediculous President
by AceInTX
Yeah, Erick, like, it IS so ancient, like.....
by yoyo
States are very different
by azaeroprof
DioGuardi can Win
by foray
No, Rich Lowry did NOT endorse Obama
by Dave_in_Fla
How many? Depends on events
by Neil Stevens
That's too bad
by aesthete
Well, I felt bad, like I was slighting AceinTx
by Dave_in_Fla
Agree
by onehutu
didn't know if you knew or not...he's gone is all...and I lost all respect for the man in his departure...nt
by AceInTX
Ace is like Oprah
by itrytobenice
I realize NRO didn't endorse NRO...but it's editor did...
by AceInTX
Is it just me, or is Manchin's campaign amounting more and more to...
by bk
Marginal growth is what's being looked at
by aesthete
For a politician, she SUX at cultivating a public image.
by yoyo
Whitman may be suffering from overexposure
by civil_truth
The only thing they may running away from faster than their records
by bk
Neil
by rdelbov
really
by bus2dc
I Think What We're Currently Seeing in CA...
by IJB
Come on guys get real
by jrhode2873
"Gosh"? mbecker, you must be under the weather today
by civil_truth
I should clarify, Ace of Spades
by Dave_in_Fla
Republicans surging in the polls in NY.
by deano64
And Ace wrote a strong rubuttal to Erick
by Dave_in_Fla
Apples to Oranges
by jimmyg
Sadly
by logus
I knew the...(smacking self on forehead)
by AceInTX
The Good Thing About This Siena Thing...
by IJB
Well gosh...
by mbecker908
I'd like to see her in a debate
by bk
Don't worry, Harry Reid!
by Adjoran
I'll see their Alinsky
by strategerist
The "Brains" Left TNR Long Ago... (nt)
by IJB
Boxer worked hard to earn her title.
by Repair_Man_Jack
Small Business <b>News</b>: The Times They Are A Changing
In the 60's it was a song of revolution when change was just not as common. Today, it reflects a fact of life, at least for small business owners and.
autosport.com - F1 <b>News</b>: Ecclestone pushing for medals system
Formula 1 supremo Bernie Ecclestone plans to make a fresh push to introduce his gold medal system into the sport, after suggesting that the new points system introduced this year has not improved matters.
Breaking <b>News</b>: Eliza Dushku Has a 'Big Bang Theory'
'The Big Bang Theory' is no stranger to sexy sci-fi starlets, having scored geektastic cameos from Katee Sackhoff and Summer Glau in seasons past (wit.
robert shumake
Small Business <b>News</b>: The Times They Are A Changing
In the 60's it was a song of revolution when change was just not as common. Today, it reflects a fact of life, at least for small business owners and.
autosport.com - F1 <b>News</b>: Ecclestone pushing for medals system
Formula 1 supremo Bernie Ecclestone plans to make a fresh push to introduce his gold medal system into the sport, after suggesting that the new points system introduced this year has not improved matters.
Breaking <b>News</b>: Eliza Dushku Has a 'Big Bang Theory'
'The Big Bang Theory' is no stranger to sexy sci-fi starlets, having scored geektastic cameos from Katee Sackhoff and Summer Glau in seasons past (wit.
I think that if you trace HAMP to the source you will find this was an invention of the bureaucrats at the Treasury who fooled both the public (and probably Obama, perhaps the new Secretary) and even the banksters. If you read the implementing instructions it becomes clear this is a maze that few can find an ‘approved’ entry to or exit from. Just the ‘dictionary’ was 136 lines with 10 cells on an Excel spreadsheet (190kb). I was looking at the fifth revision.
HAMP did forestall a few foreclosures, but it took jumping through hoops. Only a small sum went to the service folks and the rules were changed quarterly. On the banks side they wanted it to work as it could put off the loss while it was in HAMP. It was badly implemented because it was like that pea and shell game. I got a headache reading through all the ‘rules’ and categories and realized this lacked a hard and fast rule. It was ‘optional’ for the bank and the borrower.
It is fair to blame the banksters for most of the failure, but the Treasury was most at fault and those folks who created it are the crats who are not swept away with a changed administration. These critters do either retire or seek jobs with those who must figure out the rules.
I’m giving Obama and maybe even Timothy a pass on this one.. they had a lot on the plate and let the crats do the chores. Congress is who I’ll blame.. they should have never raised the lending limits that Fannie and Freddie could provide as that’s what sent this bubble aloft. People have to have jobs that pay enough to pay these loans. They did not and even as we see from this tale.. people have tried and can’t due to a host of issues.. but folks… a $2,600@ payment is only part of home ownership. You need a net income of $10,000@ month to service such a debt. Clearly a lot of folks were to blame.
‘Wanting’ this house is not planning so as to afford it. People acted imprudently and now we’re ALL going to pay and pay and pay. The lawyers and banksters never pay, which is why they need to be REGULATED. That is worth getting angry over. Home ownership was never (after maintenance, taxes and insurance) going to appreciate more than 1-2% a year.. if you maintain and update. The whole idea of buying houses that will eat your income to the extent these folks have was NUTS.
Yes it was also a stall tactic, but that’s not a bad thing given the mess we’re all in. Congress are who we need to rail on. Fannie and Freddy need to go away. Local banking isolated from the ‘products’ is what we need back. They worked and worked with the borrower. Today the investors are detached and suckers too.
-->
Judges cannot be changed, and...
by Wubbies World
ABB
by joecollins
One problem with the hiring loop
by Death_of_the_Donkey
Spot On Moe
by onehutu
Republican Don't Know That One
by megsmom
You forgot Jimmy Carter Mike....of course...now he's the THE most rediculous President
by AceInTX
Yeah, Erick, like, it IS so ancient, like.....
by yoyo
States are very different
by azaeroprof
DioGuardi can Win
by foray
No, Rich Lowry did NOT endorse Obama
by Dave_in_Fla
How many? Depends on events
by Neil Stevens
That's too bad
by aesthete
Well, I felt bad, like I was slighting AceinTx
by Dave_in_Fla
Agree
by onehutu
didn't know if you knew or not...he's gone is all...and I lost all respect for the man in his departure...nt
by AceInTX
Ace is like Oprah
by itrytobenice
I realize NRO didn't endorse NRO...but it's editor did...
by AceInTX
Is it just me, or is Manchin's campaign amounting more and more to...
by bk
Marginal growth is what's being looked at
by aesthete
For a politician, she SUX at cultivating a public image.
by yoyo
Whitman may be suffering from overexposure
by civil_truth
The only thing they may running away from faster than their records
by bk
Neil
by rdelbov
really
by bus2dc
I Think What We're Currently Seeing in CA...
by IJB
Come on guys get real
by jrhode2873
"Gosh"? mbecker, you must be under the weather today
by civil_truth
I should clarify, Ace of Spades
by Dave_in_Fla
Republicans surging in the polls in NY.
by deano64
And Ace wrote a strong rubuttal to Erick
by Dave_in_Fla
Apples to Oranges
by jimmyg
Sadly
by logus
I knew the...(smacking self on forehead)
by AceInTX
The Good Thing About This Siena Thing...
by IJB
Well gosh...
by mbecker908
I'd like to see her in a debate
by bk
Don't worry, Harry Reid!
by Adjoran
I'll see their Alinsky
by strategerist
The "Brains" Left TNR Long Ago... (nt)
by IJB
Boxer worked hard to earn her title.
by Repair_Man_Jack
robert shumake
Small Business <b>News</b>: The Times They Are A Changing
In the 60's it was a song of revolution when change was just not as common. Today, it reflects a fact of life, at least for small business owners and.
autosport.com - F1 <b>News</b>: Ecclestone pushing for medals system
Formula 1 supremo Bernie Ecclestone plans to make a fresh push to introduce his gold medal system into the sport, after suggesting that the new points system introduced this year has not improved matters.
Breaking <b>News</b>: Eliza Dushku Has a 'Big Bang Theory'
'The Big Bang Theory' is no stranger to sexy sci-fi starlets, having scored geektastic cameos from Katee Sackhoff and Summer Glau in seasons past (wit.
robert shumake
Small Business <b>News</b>: The Times They Are A Changing
In the 60's it was a song of revolution when change was just not as common. Today, it reflects a fact of life, at least for small business owners and.
autosport.com - F1 <b>News</b>: Ecclestone pushing for medals system
Formula 1 supremo Bernie Ecclestone plans to make a fresh push to introduce his gold medal system into the sport, after suggesting that the new points system introduced this year has not improved matters.
Breaking <b>News</b>: Eliza Dushku Has a 'Big Bang Theory'
'The Big Bang Theory' is no stranger to sexy sci-fi starlets, having scored geektastic cameos from Katee Sackhoff and Summer Glau in seasons past (wit.
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