House to Vote on Bills to Kill Housing Aid Programs
House to Vote on Bills to Kill Housing Aid Programs
House to Vote on Bills to Kill Housing Aid Programs
Helpful
Tools
Mortgage
Calculator

Estimate your monthly payment for a home purchase or refinance
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about mortgage loans to find the one that's right for you
15 Year vs 30 Year
Loan Comparison

Compare payments between a 15 year and 30 year mortgage loan
Today's Mortgage
Rates

See today's current mortgage rates. Shop, compare and save.

February 25, 2011 (Jeff Alan)
mortgage-hamp-tombstone-image
The House Financial Services Committee said the panel will vote on a series of four bills March 3rd that would terminate government-backed loan modification/foreclosure prevention programs that have been called “failed and ineffective.”

The first bill would kill the Home Affordable Modification Program (HAMP), which the Committee said has failed to help a sufficient number of distressed homeowners to justify its cost. The committee also will vote on additional bills to shut down a Federal Housing Administration refinancing program and a fund to stabilize neighborhoods suffering from heavy foreclosures, they said. A fourth bill would kill a program to provide 12-month emergency loans to homeowners to stave off foreclosures.

“In an era of record-breaking deficits, it’s time to pull the plug on these programs that are actually doing more harm than good for struggling homeowners,” committee Chairman Spencer Bachus said in a statement. “These programs may have been well intentioned but they’re not working and, in reality, are making things worse.”

The bills face an uphill battle. If they clear the committee, they would have to be approved by the full House as well as by the Senate, which is controlled by Democrats. The Obama Administration also disagrees with the congressman saying they would close the door on struggling homeowners facing the worst housing crisis in generations.

The largest program, HAMP, has provided permanent loan modifications for 521,630 homeowners in the nearly two years it has been operating, but has fallen woefully short of it goal of helping 3 to 4 million borrowers. In addition, almost twice as many people have fallen out of their HAMP trial modifications than those who have completed them, forcing many into the foreclosure process.

HAMP provides cash incentives to mortgage servicing firms to lower monthly payments for borrowers to no more than 31 percent of their income. But only owner-occupants who can meet stringent documentation requirements for employment, income and acceptable overall debt levels can qualify, which has limited the program’s reach. Many more borrowers have completed private loan modifications with their mortgage servicer than have received HAMP modifications due to less stricter requirements.

“The administration remains committed to reaching eligible homeowners to give them every opportunity to avoid foreclosure and will continue working to make our programs as effective as possible,” an Obama administration spokesperson said.

Tags: HAMP, House Financial Services Committee, government-backed loan modifications, foreclosures, mortgage servicer, documentation requirements

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools
Mortgage
Calculator

Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates

See today's mortgage rates. Shop, compare and save.

February 25, 2011 (Jeff Alan)
mortgage-hamp-tombstone-image
The House Financial Services Committee said the panel will vote on a series of four bills March 3rd that would terminate government-backed loan modification/foreclosure prevention programs that have been called “failed and ineffective.”

The first bill would kill the Home Affordable Modification Program (HAMP), which the Committee said has failed to help a sufficient number of distressed homeowners to justify its cost. The committee also will vote on additional bills to shut down a Federal Housing Administration refinancing program and a fund to stabilize neighborhoods suffering from heavy foreclosures, they said. A fourth bill would kill a program to provide 12-month emergency loans to homeowners to stave off foreclosures.

“In an era of record-breaking deficits, it’s time to pull the plug on these programs that are actually doing more harm than good for struggling homeowners,” committee Chairman Spencer Bachus said in a statement. “These programs may have been well intentioned but they’re not working and, in reality, are making things worse.”

The bills face an uphill battle. If they clear the committee, they would have to be approved by the full House as well as by the Senate, which is controlled by Democrats. The Obama Administration also disagrees with the congressman saying they would close the door on struggling homeowners facing the worst housing crisis in generations.

The largest program, HAMP, has provided permanent loan modifications for 521,630 homeowners in the nearly two years it has been operating, but has fallen woefully short of it goal of helping 3 to 4 million borrowers. In addition, almost twice as many people have fallen out of their HAMP trial modifications than those who have completed them, forcing many into the foreclosure process.

HAMP provides cash incentives to mortgage servicing firms to lower monthly payments for borrowers to no more than 31 percent of their income. But only owner-occupants who can meet stringent documentation requirements for employment, income and acceptable overall debt levels can qualify, which has limited the program’s reach. Many more borrowers have completed private loan modifications with their mortgage servicer than have received HAMP modifications due to less stricter requirements.

“The administration remains committed to reaching eligible homeowners to give them every opportunity to avoid foreclosure and will continue working to make our programs as effective as possible,” an Obama administration spokesperson said.

Tags: HAMP, House Financial Services Committee, government-backed loan modifications, foreclosures, mortgage servicer, documentation requirements

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

February 25, 2011 (Jeff Alan)
mortgage-hamp-tombstone-image
The House Financial Services Committee said the panel will vote on a series of four bills March 3rd that would terminate government-backed loan modification/foreclosure prevention programs that have been called “failed and ineffective.”

The first bill would kill the Home Affordable Modification Program (HAMP), which the Committee said has failed to help a sufficient number of distressed homeowners to justify its cost. The committee also will vote on additional bills to shut down a Federal Housing Administration refinancing program and a fund to stabilize neighborhoods suffering from heavy foreclosures, they said. A fourth bill would kill a program to provide 12-month emergency loans to homeowners to stave off foreclosures.

“In an era of record-breaking deficits, it’s time to pull the plug on these programs that are actually doing more harm than good for struggling homeowners,” committee Chairman Spencer Bachus said in a statement. “These programs may have been well intentioned but they’re not working and, in reality, are making things worse.”

The bills face an uphill battle. If they clear the committee, they would have to be approved by the full House as well as by the Senate, which is controlled by Democrats. The Obama Administration also disagrees with the congressman saying they would close the door on struggling homeowners facing the worst housing crisis in generations.

The largest program, HAMP, has provided permanent loan modifications for 521,630 homeowners in the nearly two years it has been operating, but has fallen woefully short of it goal of helping 3 to 4 million borrowers. In addition, almost twice as many people have fallen out of their HAMP trial modifications than those who have completed them, forcing many into the foreclosure process.

HAMP provides cash incentives to mortgage servicing firms to lower monthly payments for borrowers to no more than 31 percent of their income. But only owner-occupants who can meet stringent documentation requirements for employment, income and acceptable overall debt levels can qualify, which has limited the program’s reach. Many more borrowers have completed private loan modifications with their mortgage servicer than have received HAMP modifications due to less stricter requirements.

“The administration remains committed to reaching eligible homeowners to give them every opportunity to avoid foreclosure and will continue working to make our programs as effective as possible,” an Obama administration spokesperson said.

Tags: HAMP, House Financial Services Committee, government-backed loan modifications, foreclosures, mortgage servicer, documentation requirements

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.