Will ending HAMP shorten the foreclosure timeline?

From HousingWire:

Saying goodbye to HAMP isn’t the end for struggling homeowners

Dec. 31, 2016 marks the end of a seven-year government program designed to save struggling homeowners who are behind on their mortgage, or in danger of imminent default due to financial hardship.

The government’s Home Affordable Modification Program also came with incentives for servicers and investor, which worked to help unify the industry after the financial crisis.

HAMP’s sibling, the Home Affordable Refinance Program, which was created at the same time, was extended in August until Sept. 30, 2017 in order to create a smoother transition period for a new refinance product. HAMP, on the other hand, is still slated to end at the end of this year.

Borrowers aren’t out of luck though. A new report from Fitch Ratings explains that 2017 brings the start of a new system that can still be beneficial for all parties involved. There are just a few wrinkles that the system would need to be ironed out.

Up until this point, Fitch stated that HAMP loan modifications have accounted for approximately 50% of all loan modifications completed this year, and this number is dropping. HAMP monthly applications are now approximately 70% below the monthly average at the start of the program.

The main benefit Fitch outlines is that modification decision timelines will shorten.

“Currently servicers first perform full reviews of applications for acceptability to HAMP guidelines; ineligible candidates are usually subsequently screened for acceptability under proprietary modification programs,” the report stated.

With HAMP ending, this initial step is removed and servicers will likely be able to make faster modification decisions.

This is likely to then translate into shorter liquidation timelines for the portion of loans that do not qualify for proprietary modifications.

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85 Responses to Will ending HAMP shorten the foreclosure timeline?

  1. Fabius Maximus says:

    Friskies
    by Trump

  2. grim says:

    Trump is moving the capital from Washington to NYC.

    #throwback1789

    Washington inaugurated in the capital in NYC – clearly a great time in America. Makes sense to me.

  3. Ottoman says:

    If you think slavery, Native American genocide, and property ownership of women was great.

    “Washington inaugurated in the capital in NYC – clearly a great time in America. Makes sense to me.”

  4. SteamTurd the bourgeois drone, supportor of the canklephate and hyper about incarcenation says:

    Otto…I’m sure there’s a love-in protest you can attend somewhere to bide your time. Oh wait, it’s raining. Rain is like poison to progressive protests.

  5. Fast Eddie says:

    Otto,

    Do you need some play doh and a puppy?

  6. grim says:

    It’s a good day for him, NJ assembly just passed a ban on declawing cats, first in the nation.

    Thank god for momma government, what would we do if she wasn’t there to coddle us.

  7. grim says:

    By the way, who the f*ck came up with a safety pin as the symbol for the anti-Trump movement? Did I miss something here?

    Safety Pin?

    SAFETY PIN?

    Clearly millennials don’t remember that SAFETY PINS were invented to be used on cloth diapers, to more safely fasten them to squirming crying babies.

    Christ almighty.

  8. Fast Eddie says:

    grim,

    Still think they’re the smartest generation? ;)

  9. grim says:

    (We started it with the 70s punk movement.)

  10. Juice Box says:

    They are basically calling for cat genocide in New Jersey as soon as fluffy scratches the stuffing out of that antique sofa his ass is going to the gas chamber

  11. We’re still allowed to put kittens in a bag and drown them though, right?

    It’s a good day for him, NJ assembly just passed a ban on declawing cats, first in the nation.

  12. Here in MA we passed a new crap law that has to do with farm animals. I voted against it. I think animals should be treated humanely, but I object to yet more government salaries for people measuring the size of pig pens and then levying fines to support their salaries. I think a lot of people voted for Trump to halt the government war on small business.

    http://www.wbur.org/politicker/2016/11/08/question-three-animal-confinement-results

  13. SteamTurd the bourgeois drone, supportor of the canklephate and hyper about incarcenation says:

    “On the 20th anniversary of the original Million Woman March in Philadelphia, let’s march on Benjamin Franklin Parkway to show our strength, power, and courage, and to demonstrate our disapproval of the new President’s agenda of fear, hate, misogyny, discrimination, and his values.

    ALL women, men, and families, including people of all classes, socio-economic positions, races, religions, ethnicities, national origins, disabilities, and ALL queer, butch, femme, trans, gender non-conforming AND ALL feminist others are invited to march on Philly – as a sister march to the Women’s March on Washington in DC – the day following the inauguration of the President elect. This march is a show of solidarity to demand our safety and health in a time when our country is marginalizing us and making sexual assault an electable and forgiveable norm. We align with all POC and LGBTQ causes, and we will show our support in a non-violent, peaceful protest.”

    This is why Trump won. People have had enough of this krap already. If the progressives keep it up, we’ll end up with that religious loon Pence running the show in 2020 and the chastity belt might make a comeback.

    Man up progressives. Or do your man-pussies still ache.

  14. Juice Box says:

    SafetyPin = slacktivism

  15. Ben says:

    Don’t you love how they want to impeach a governor for blocking traffic, yet plan on doing it in every city.

  16. Juice Box says:

    One has to wonder if our special ops who are running around Syria with laser targeting devices run into the Russian special ops forces.

  17. SteamTurd the bourgeois drone, supportor of the canklephate and hyper about incarcenation says:

    Trump plans to stay in the city instead of the WH. His business is obvious more important than the country where it is incorporated. Way to go DNC. There are going to be so many of these types of mistakes going forward that it’s laughable. The Roe V. Wade misunderstanding was rich too. It hasn’t been a week and already the buffoon is doing what we expected. On the bright side, every time Trump reveals his complete lack of understanding government, I get an image of Hillary doing a forehead slap.

  18. Fast Eddie says:

    Lib,

    Trump plans to stay in the city instead of the WH.

    Maybe that’s not such a bad thing. Rip up the 60 year old, progressive, shag rug and renovate the mindset of a country. As Michael Corleone said, “My father’s way of doing things is over.”

    But whatever happens over the next four years is surely going to benefit the producers and the layabouts can’t accept it. They shouldn’t bite the hand that feeds them.

  19. Grim says:

    I really wonder if it has to do with privacy.

    I hear the NYC and FL residences are very secure and private. Likewise, I bet he has a small army of staff in both locations.

    Or, does the guy think it’s a downgrade?

  20. chicagofinance says:

    The Original NJ ExPat says:
    November 15, 2016 at 8:10 am
    Here in MA we passed a new crap law that has to do with farm animals. I voted against it. I think animals should be treated humanely, but I object to yet more government salaries for people measuring the size of pig pens and then levying fines to support their salaries.
    https://youtu.be/B94lP-fZyLk?t=1m17s

  21. SteamTurd the bourgeois drone, supportor of the canklephate and hyper about incarcenation says:

    Impossible to tell, but most likely a downgrade. The cities gonna be a mess for 4 years.

  22. No One says:

    SteamTurd,
    I think you need to update your full name, as the prospects of a canklephate being established are ended.
    Trump needs to learn to live in the WH. Trump Tower wasn’t designed to be the seat of govt. If he wants to relocate out of DC, he should try somewhere in a red state like FL or Montana, where there aren’t state income taxes.

  23. SteamTurd, reminiscing about Cankles says:

    Sorry.

  24. SteamTurd, reminiscing about Cankles says:

    How can one short churros?

  25. Fabius Maximus says:

    Lib

    This is already Pence’s administration. He got it once he got control of the transition team.
    I think the move to NYC could be that O told him that come Jan 20th he has to restaff the whitehouse. This is his short cut around that. Or is it that he wants the investment into Trump Tower to support the situation room and bunker. Just think of all the office and apartment space he can lease for the West Wing staff.
    There’s money to be made here.

  26. Alex says:

    Before settling on the safety pin as their protest symbol, other finalists included the baby bottle and the pacifier.

  27. Grim says:

    You see the Bloomberg piece about him potentially making money using his own planes?

  28. HEHEHE says:

    “They are basically calling for cat genocide in New Jersey as soon as fluffy scratches the stuffing out of that antique sofa his ass is going to the gas chamber”

    Bingo! Hmm better to have the claws removed from a house cat or have it sent back to a shelter or better yet dropped off at some park. Typical nanny state lunacy. Small portion of the electorate gets to feel good about themselves without any reflection or contemplation of the unintended consequences.

  29. SteamTurd, reminiscing about Cankles says:

    Fab,

    I’m not panicking just yet, though I did get into a monstrous argument with Gator last night over Roe v. Wade. There are a ton of things that Trump could do that would improve his namesake (and brand). Bringing religion into government is not one of them. Overturning Roe v. Wade would be the death knell to the victory that the right just won (sort of…we’ll see if Trump actually performs the job he was just elected to). I cautiously hold my breath and think Trump is a centrist. I also think he is clueless and will learn to “get” it. The man I listened to on Howard Stern for years was pretty liberal and had the complete opposite positions that he espoused during this election. He has nothing to gain by going conservative at this point. And if he does, his brand will take a gargantuan hit under the pressure of enormous protest from the Left and mass media. I guess we’ll see how dumb he is in the first 100 days. I am encouraged by his back pedaling on ACA.

  30. Fabius Maximus says:

    Grim,

    I see the biggest money grab will be to sell the off shore holding to his kids for a massive gain. Repatriate the cash and claim his Paulson. No tax paid for liquidation of his holdings tax free to take office. Kids get a great cost basis and he makes cash off the loans to his kids to buy the properties. Great estate planning.

  31. HEHEHE says:

    “He has nothing to gain by going conservative at this point.”

    Precisely. 120 Million people voted. 40-50% of those who voted did so because they strongly disliked the other candidate. So lets put it at 55 million people out there that are up for grabs in the next election for Trump and the Democrats. He moves too far right he alienates those voters and the Republicans lose control at the mid-terms.

    Even nominating a Scalia clone at this point doesn’t hurt because there’s still a 4-4 split with moderate Kennedy being the swing vote on the Supreme Court.

    The problem will come with the appointment after that one.

    If you are a woman you better hope that Trump is still president at that time or the Democrats get him out of there because that Pence guy is a religious nut. I highly doubt Trump puts a judge in place to overturn Roe despite what he said on 60 Minutes. Pence would do it in a heartbeat.

  32. D-FENS says:

    Slavery has existed as long as human beings have walked the earth. The United States is the only country on earth that waged a bloody civil war to end it. We should be proud of that.

    Ottoman says:
    November 15, 2016 at 7:18 am
    If you think slavery, Native American genocide, and property ownership of women was great.

  33. HouseWhineWine says:

    I thought it was a joke when I read that legislature is now calling for banning of declawing. Well, fair enough, since most of the news I read these last few weeks seems surreal anyway.
    I am a cat lover, for sure. I would 100x prefer to have a cat declawed and adopted, rather than snuffed out by euthanasia. I personally could never bring myself to have our cats declawed. That said, i had a chair and a couch ruined by my cats. I totally understand an owner deciding to have the cat declawed. I guess a cat owner now will have to cross state lines to have the operation performed!!

  34. D-FENS says:

    I think I remember reading somewhere that the fine for not placing your pet in a proper safety restraint in a moving vehicle is actually more than the fine for not seat-belting your child in NJ.

  35. Now Spanky, be reasonable says:

    It’s not a safety pin, it’s a diaper pin.

  36. Grim says:

    I’d like to see my Great Dane in a restraint.

    He doesn’t fit in the back seat, let alone in a harness that attached to the seat belt.

  37. SteamTurd, reminiscing about Cankles says:

    Just another unenforceable law created by an oversized government.

  38. Who cares where Trump lives? Obama lived on the golf course.

  39. grim – I hope you have one of those cages to at least keep him out of the passenger compartment. A Great Dane has a lot of p=mv.

    I’d like to see my Great Dane in a restraint.

    He doesn’t fit in the back seat, let alone in a harness that attached to the seat belt.

  40. D-FENS says:

    I think it would be fantastic if D.C.’s. RE marker crashed as a result…while the rest of the country recovered.

  41. Now Spanky, be reasonable says:

    Regarding our Founding Fathers (including the framers of the constitution), they were pretty clever. They created a flexible political system that would allow slavery to be dismantled at some point in the future.

  42. It would be great if we depopulated all of government from Washington DC. I’d love to see all of congress vote from their home districts with a bleacher full of retirees breathing down their neck. Imagine the huge headache for K street if they had to send lobbyists all over the country to curry favor. I don’t even think lobbyists should be able to meet privately with lawmakers.

  43. D-FENS says:

    Is it wrong to wish that some dope who moved to D.C. hoping for a job in a lobbying firm under a Clinton Administration might lose their shirt in some crappy condo there?

    They might then understand what it meant to live in the rest of the country circa 2009.

  44. Joyce says:

    Now Spanky,

    Ridiculous! Just because the Declaration of Independence and ultimately the Constitution was, at the time, the greatest step forward towards freedom and away from tyranny – it wasn’t perfect so the whole thing sucks!!

  45. D-FENS says:

    Don’t act so shocked at Trump’s plans to deport 3 million illegal immigrants – Obama has deported 2.5 million
    The outgoing President – or Deporter in Chief, as some immigration groups have labelled him – has removed more undocumented migrants than the total sum of presidents in the 20th century

    http://www.independent.co.uk/voices/trump-obama-deportation-of-migrants-dont-act-so-shocked-a7416526.html

  46. leftwing says:

    “Trump plans to stay in the city instead of the WH.”
    Good, go back to the original intent of citizen-legislators, rather than professional politicians. 39 years ago Willy became AG of Arkansas, finally pried their lips off the gubmint.

    “I think a lot of people voted for Trump to halt the government war on small business.”
    Halt gubmint in total. Coincidentally, many thanks to any Morris County taxpayers here. DPW is beginning its annual November “use it or lose it” pave-a-thon. 46 degrees, blacktop will not hold. But it’s more important to hit that budget lest it be decreased next year. So many thanks for your six figure (involuntary) donation to our town.

    “This is already Pence’s administration.”
    “we’ll end up with that religious loon Pence running the show in 2020 ”
    Trump got what he wanted – elected. He doesn’t want to nor is it in his DNA to govern. He’s done. Pence does all the executing, he and Trump give him credit, and he gets blessed to run in 2020. Trump is 70, he’s not going to spend the last real decade of his life actually working a civil service job, no matter the title lol.

  47. leftwing says:

    Re: Roe v Wade

    Not going anywhere. Lib wing of Court plus strict constructionists make any move to overturn DOA. Won’t even look at it. Nor should they. Settled law.

  48. Fast Eddie says:

    Where’s my diaper pin? I want a diaper pin! And a f.ucking pony!

  49. Fast Eddie says:

    Did puzzy die? Can I have her/his Oblamma phone?

  50. Boehner on Trump (CNBC, just now) : “Donald Trump is not an ideologue. He’s barely a Republican. He might be barely a Democrat.”

  51. He’s crying into his Harry Seward.

    Did puzzy die? Can I have her/his Oblamma phone?

  52. I can’t wait to see Trump perform at the Annual Correspondents Dinner. Maybe Obama will attend?

  53. Now Spanky, be reasonable says:

    Joyce, you are so right! How could I not see that! Not only does the whole thing suck, but every one of us is guilty of the sin of slavery (plus genocide, deforestation, etc.). Excuse me, I have to spend an hour self-flagellating and then put on my hair shirt.

  54. D-FENS says:

    She was a Trump delegate. Trump seems to reward loyalty.

  55. Fast Eddie says:

    ExPat,

    “The people have had their say and it’s a big, f.uck you to everything you stand for.”

    Nice link! What do the l1berals on this board think about the diaper pin protests?

  56. SteamTurd, reminiscing about Cankles says:

    The diaper pin thing is the continuation of the pussification. If it makes you feel better? More power to you. Some people still wear mood rings too.

  57. SteamTurd, reminiscing about Cankles says:

    The Dems don’t get it. Happy days are here for the other side.

  58. Joyce says:

    States are free to decide how to divvy up their electors (either through legislation and/or state constitutional amendments). Hypothetically, individual states could say we’re going to award 100% of our electors to the winner of the national popular vote and voila.

  59. Joyce says:

    I bet getting enough states to make that change is still easier than amending the federal constitution.

  60. leftwing says:

    “Barbara Boxer to introduce a bill in the Senate to abolish the electoral college.”

    Do it. Will benefit the Repubs. Boxer was never that bright.

    Libs already raised the popular vote issue. Conway shot it down – “we played for the electoral vote. Make the popular vote matter and we will play for that”.

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  62. Fast Eddie says:

    No, you got it wrong, Obama d0uche. Tribalism is taking place because your side wants more f.ucking cake and cries foul if they don’t get their way! You know what? I hope Trump leans so f.ucking far right that the world f.ucking wobbles. F.uck you, you l1beral little sh1t bags!

    https://www.washingtonpost.com/news/post-politics/wp/2016/11/15/in-athens-obama-warns-against-a-crude-sort-of-nationalism-or-tribalism-taking-root-in-the-u-s/

  63. Fast Eddie says:

    L1berals are always talking about groups, genders, races and on and on. They divide, divide and divide and wonder why people who keep this country running are angry. F.uck you, Obama, you’ll be tossed into the dust bin of history.

  64. Comrade Nom Deplorable, just waiting on the Zombie Apocalypse. says:

    It will all be better after a brief but intense burst of sectarian violence

  65. leftwing says:

    Eddie, save the anger. We’re way beyond that point.

    Amusing how over the last eight years I was labelled “racist” when I criticized Obama or his qualifications (community organizer, State Senator, and a single unfulfilled Senate term). No, I’m not racist. He was just a lightweight.

    I now find out that if I want to exercise my right to freely associate with others with whom I choose, and if I choose not to associate with a minuscule part of the populace (0.3%) who are so emotionally and otherwise confused that they do not know even what gender they are and seek to surgically change the nature of themselves I now have “transphobia”. No, I’m not “phobic”. I just don’t share any attribute with you and do not want your company or acquaintance.

    The Left is still trying to sort out what happened in the election. They will likely never get it. The answer is simple. Since at least Roe v Wade they have jammed their beliefs down the general populace’s throats while having a slim to no majority agreeing with them. ObamaCare is another example of forced legislation without a mandate. The more they do this, the more it will come back to haunt them.

    I’ve said for a while that the time is ripe for a candidate to win who would make a campaign pledge to not enact any legislation unless it has a two thirds support. Think about Trump. Although he didn’t state that explicitly his top proposed signature actions fall in that category.

    Every time the Left goes out on a limb they fall into the stream. Think they’d figure out by now water was wet.

  66. Ben says:

    Xenophobia is only socially acceptable if it is directed at Russia

  67. chicagofinance says:

    Obama’s comments in this video are really quite incredible. Fine, he can have his world view, but he continues to believe that most people agree with him…..and they are merely mislead, confused, or some other pejorative…..what a narcissist and what hubris in the face of the election results!

    Fast Eddie says:
    November 15, 2016 at 4:08 pm
    No, you got it wrong, Obama d0uche. Tribalism is taking place because your side wants more f.ucking cake and cries foul if they don’t get their way! You know what? I hope Trump leans so f.ucking far right that the world f.ucking wobbles. F.uck you, you l1beral little sh1t bags!

    https://www.washingtonpost.com/news/post-politics/wp/2016/11/15/in-athens-obama-warns-against-a-crude-sort-of-nationalism-or-tribalism-taking-root-in-the-u-s/

  68. No One says:

    We will know that we as a nation have overcome tribalism when 50% of African Americans vote for one party, and the other 50% vote for another party. Was it racism and tribalism when African Americans voted 95% for a president of the same race?

  69. No One says:

    Speaking of tribalism, here’s the website of a would-be-Asian-Al Sharpton, who claims that he can deliver the entire Asian-American vote as a single block. They just happen to endorse the Democratic presidential candidate every single time.
    One of the worst website designs ever, and they also backdate their posts to make themselves look more prescient, but in an incompetent way. The guy claims that if Clinton had kissed their ring more, she could have won the election by getting their unqualified rather than qualified endorsement.
    http://www.80-20initiative.net/

  70. Lost says:

    This study proves how wrong you guys are about a strong teacher’s union. Once again, myths busted up. And the author of the study is an economics graduate from Harvard, so don’t just piss on it, which I know you will try to do to make yourself feel better about how wrong you are.

    http://edushyster.com/what-if-everything-you-thought-you-knew-about-teachers-unions-turned-out-to-be-wrong/

  71. Lost says:

    Directly for you guys.

    “EduShyster: Your study upends so many assumptions people hold about teacher unions, and I’m helpfully including another link here in hopes that they will peruse your findings in detail. If there’s one thing you’d like them to take away from your research, what would it be?

    Han: I hope that people open their eyes to these results and move beyond their prejudice. I used to share that prejudice before I did this study. Obviously, if people can accept the findings of my paper, the direct policy implication is that we should be promoting union-friendly environments. “

  72. Ben says:

    Local unions are hit or miss. Some are good, other’s are god awful. I’ve seen both sides of the coin. That being said, the leaders of the NJEA are poltical hacks who are only in it for themselves and are pretty much universally despised by every teacher I know. Either that or they are at the very least, in different to them.

  73. Lost says:

    “Americans say job security is on the decline, but most workers feel secure in their own jobs.” That’s a conclusion from Pew.

    I find this fascinating, and connected to analysis of who the Trump voters are. Data indicates that Trump voters were not the poorest or hardest economically hit Americans. It indicates that they weren’t even the hardest and most economically hit *white* Americans. But we have a perception in large parts of America that there is widespread job insecurity and economic hard times – a perception that’s frequently held by people who are not *themselves* experiencing job insecurity or hard times, but identify culturally with those who they think are.

    http://www.pewresearch.org/fact-tank/2016/10/06/key-findings-about-the-american-workforce-and-the-changing-job-market/?utm_content=bufferd27bd&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

  74. Lost says:

    Fair enough, Ben. You are the boots in the streets.

    There is good and bad in anything, if one only focuses on one end of the spectrum, they may never see the other side.

  75. 3b says:

    I have never seen more tribalism then in this past 8 years. And ironically much of it is self centered. Most people really don’t care or how you identify or your right to choose what bathroom you want to use. Yet above all this no thought of we are Americans. No matter how you identify yourself you would think most everyday people would want the same things. Roof over head food job economic security etc. The other stuff is just noise. And one final point can someone tell me how exactly bi sexual are discriminated against? How would anyone know why the need to even tell anyone?

  76. Raymond Reddington says:

    Ben, as despised as you say these Union reps are, they sure have managed to keep the gravy train going for the teachers much longer than unions have succeeded out in the private sector. Overall public sector unions police/ fire included have fared much better than private sector unions as a whole.

  77. Raymond Reddington says:

    Obama 3rd term (if legal) vs Trump. Who would win?

  78. Ben says:

    Raymond, the so called “gravy train” is a myth in teaching. Anyone that enters this field outside of science and math is destined for a mediocre standard of living. As far as the unions go, here, take a look at the people that “represent” me. Unions have consistently robbed their own membership. They bargain for way too much healthcare (which mostly goes unused) over increases in salary. In general, anyone that has had normal jumps on the salary scale is probably entering year 7 of declining take home pay.

    https://s16.postimg.org/qjboar6pf/Base_Salaries.gif

    I’ll give it to you though. Those cop salaries are sweet.

  79. leftwing says:

    That data is from a Form 990, which is what not for profit organizations use. Did not realize unions are 501(c)3s?

    If so, wow, top officers of a not for profit taking down $5m collectively. Systems guy $800k alone? Shameful.

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