More Than 40 Percent Drops Obama Mortgage-Aid Program
July 21st, 2010 - 7:26 pm ICT by GDBy Ranjan Bhaduri
Washington, July 21, (THAINDIAN NEWS) A total of 40 percent house owners at the verge of facing a foreclosure have turned their back on “Obama Mortgage Aid Program” and are looking out for a greener chance. Reportedly, the foreclosures are said to rise in the second quarter of the year. A total of 530,000 borrowers have been left out of the Obama Mortgage Aid Program in the month of April.
The Treasury Department informed the media that a total of 1.3 million homeowners has enrolled since the last year. On the other hand we have the market analysts who speculate that a huge percentage of homeowners are likely to face foreclosures in the upcoming second quarter. About a total of 390,000 homeowners who had already enrolled for Obama Mortgage Aid Program has already received permanent loan modifications. They are also making their payments on time. It was evident because the Obama Administration had initially put pressure on the banks to encourage borrowers who never had a valid source of income. Market analysts have often called the entire affair to be “a bureaucratic nightmare”. The banks even reported that they lost all necessary documents of the borrowers because they never signed them back.
In came The Obama Mortgage Plan which was crafted to help people by lowering the rate for their monthly mortgage payments. Homeowners were said to be able to receive interest rates as low as 2 percent for a minimum span of five years. The monthly payment has been slashed by $500 (USD) on an average. The homeowners have received all temporary modifications which shall become permanent as soon as they submit all necessary paperworks.
- 40% people leave Barack Obama's mortgage aid program - Jul 21, 2010
- In Excess Of 40 pct. Of American Homemakers Leave the Mortgage Aid Program - Jul 21, 2010
- Fannie Mae, Freddie Mac prevented two mn foreclosures: Report - Dec 07, 2011
- Citigroup to suspend foreclosures till 17th January 2010 - Dec 18, 2009
- Strategic Default Outdoes HAMP Adjustments - May 10, 2010
- Delaware Attorney General Biden calls on BoA, JP Morgan Chase and Ally Financial to halt foreclosures - Oct 06, 2010
- President Barack Obama Launches Mortgage Help Program - Mar 28, 2010
- Freddie Mac posts huge loss - Nov 04, 2011
- Obama's plan to help 3.5 mn homeowners (Lead) - Feb 02, 2012
- Spanish government prods banks to modify mortgages - Mar 11, 2012
- Fannie Mae rental program - Nov 06, 2009
- Bank of America delays foreclosure in 23 states - Oct 03, 2010
- More than 2,700 Florida homeowners to receive Countrywide checks - Feb 16, 2010
- Californians warned to beware of forensic loan audit scams - Feb 23, 2010
- Claims of Illegal Foreclosures Causes Investigation and Freeze - Oct 01, 2010
Tags: banks, borrowers, bureaucratic nightmare, foreclosure, foreclosures, interest rates, market analysts, month of april, monthly mortgage payments, mortgage plan, necessary documents, paperworks, ranjan, second quarter, span, treasury department, valid source, verge