You ROCK! That is an awesome summary! :-)
Posted By: Webbed Fingers on 2008-09-26
In Reply to: Here, I think I have it straightened out - me
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Here's a summary of the program
Making Home Affordable will offer assistance to as many as 7 to 9 million homeowners, making their mortgages more affordable and helping to prevent the destructive impact of foreclosures on families, communities and the national economy.
The Home Affordable Refinance program will be available to 4 to 5 million homeowners who have a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac. Normally, these borrowers would be unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above 80%. Under the Home Affordable Refinance program, many of them will now be eligible to refinance their loan to take advantage of today’s lower mortgage rates or to refinance an adjustable-rate mortgage into a more stable mortgage, such as a 30-year fixed rate loan.
GSE lenders and servicers already have much of the borrower’s information on file, so documentation requirements are not likely to be burdensome. In addition, in some cases an appraisal will not be necessary. This flexibility will make the refinance quicker and less costly for both borrowers and lenders. The Home Affordable Refinance program ends in June 2010.
The Home Affordable Modification program will help up to 3 to 4 million at-risk homeowners avoid foreclosure by reducing monthly mortgage payments. Working with the banking and credit union regulators, the FHA, the VA, the USDA and the Federal Housing Finance Agency, the Treasury Department today announced program guidelines that are expected to become standard industry practice in pursuing affordable and sustainable mortgage modifications. This program will work in tandem with an expanded and improved Hope for Homeowners program.
With the information now available, servicers can begin immediately to modify eligible mortgages under the Modification program so that at-risk borrowers can better afford their payments. The detailed guidelines (separate document) provide information on the following:
Eligibility and Verification
Loans originated on or before January 1, 2009.
First-lien loans on owner-occupied properties with unpaid principal balance up to $729,750. Higher limits allowed for owner-occupied properties with 2-4 units.
All borrowers must fully document income, including signed IRS 4506-T, two most recent pay stubs, and most recent tax return, and must sign an affidavit of financial hardship.
Property owner occupancy status will be verified through borrower credit report and other documentation; no investor-owned, vacant, or condemned properties.
Incentives to lenders and servicers to modify at risk borrowers who have not yet missed payments when the servicer determines that the borrower is at imminent risk of default.
Modifications can start from now until December 31, 2012; loans can be modified only once under the program.
Loan Modification Terms and Procedures
Participating servicers are required to service all eligible loans under the rules of the program unless explicitly prohibited by contract; servicers are required to use reasonable efforts to obtain waivers of limits on participation.
Participating loan servicers will be required to use a net present value (NPV) test on each loan that is at risk of imminent default or at least 60 days delinquent. The NPV test will compare the net present value of cash flows with modification and without modification. If the test is positive – meaning that the net present value of expected cash flow is greater in the modification scenario – the servicer must modify absent fraud or a contract prohibition.
Parameters of the NPV test are spelled out in the guidelines, including acceptable discount rates, property valuation methodologies, home price appreciation assumptions, foreclosure costs and timelines, and borrower cure and redefault rate assumptions.
Servicers will follow a specified sequence of steps in order to reduce the monthly payment to no more than 31% of gross monthly income (DTI).
The modification sequence requires first reducing the interest rate (subject to a rate floor of 2%), then if necessary extending the term or amortization of the loan up to a maximum of 40 years, and then if necessary forbearing principal. Principal forgiveness or a Hope for Homeowners refinancing are acceptable alternatives.
The monthly payment includes principal, interest, taxes, insurance, flood insurance, homeowner’s association and/or condominium fees. Monthly income includes wages, salary, overtime, fees, commissions, tips, social security, pensions, and all other income.
Servicers must enter into the program agreements with Treasury’s financial agent on or before December 31, 2009.
Payments to Servicers, Lenders, and Responsible Borrowers
The program will share with the lender/investor the cost of reductions in monthly payments from 38% DTI to 31% DTI.
Servicers that modify loans according to the guidelines will receive an up-front fee of $1,000 for each modification, plus “pay for success” fees on still-performing loans of $1,000 per year.
Homeowners who make their payments on time are eligible for up to $1,000 of principal reduction payments each year for up to five years.
The program will provide one-time bonus incentive payments of $1,500 to lender/investors and $500 to servicers for modifications made while a borrower is still current on mortgage payments.
The program will include incentives for extinguishing second liens on loans modified under this program.
No payments will be made under the program to the lender/investor, servicer, or borrower unless and until the servicer has first entered into the program agreements with Treasury’s financial agent.
Similar incentives will be paid for Hope for Homeowner refinances.
Transparency and Accountability
Measures to prevent and detect fraud, such as documentation and audit requirements, will be central to the program.
Servicers will be required to collect, maintain and transmit records for verification and compliance review, including borrower eligibility, underwriting, incentive payments, property verification, and other documentation.
Freddie Mac will audit compliance.
See the original summary enclosed
The law that passed is updating the Brady Law.
http://thomas.loc.gov/cgi-bin/bdquery/z?d110:HR02640:@@@D&summ2=3&
He does rock, whether he knows it or not.
nm
You rock
Thank you :-)
Now, imagine a gay or lesbian mixed race couple back then. That was during the times of back alley bars when women had to dress as men to go on a date in semi-public, hence where we got "butches." They were arrested then in raids, not to mention beaten, raped, killed. The pathfinders for my generation.
What rock have you been under?
Some of the democrats most key figures are speaking out AGAINST Obama's plan!!!
What does that tell ya?
it's funny you only come out from under your rock
when you smell blood in the water---just in time to run tattle tale to the monitor. When your people are posting here you never to be found. Good luck with that...
Rock the Vote!!!
The Sarah Palin Selection: Why McCain's Inexperienced Running Mate Falls Short of Meeting the Implicit Constitutional Qualifications For Vice Presidents
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By JOHN W. DEAN |
Recently, I was in Alaska, just after Palin's name was first floated as a possible McCain running mate. Although I am not a Democrat, I gave a keynote speech at the Democrats' state convention. During my visit, a senior Democratic Party official said to me that he sure hoped McCain would select Palin, because based on his observation of her record Alaska, he opined that, : "She's screwing up Alaska big time, and she could probably assure defeat for McCain." His wish may be coming true.
http://writ.news.findlaw.com/dean/20080905.html
I liked Chris Rock's
take - reelection. He said Obama would surely win because what Kenyan ever lost a race?
This guy is AWESOME!
And from what I've read about him, it would be really hard to *Swiftboat* this guy (not that they'd let facts get in the way of their smear campaigns). If the election were held today, he'd be my choice, as well. 
Awesome. Maybe she can use this against the
nm
awesome! nm
nm
That would be awesome
but it won't ever happen. I'd be amazed if the government ever did something FOR the people that didn't benefit them!
awesome
I don't have time to really reply to all points here (I'm working again now... just took a few minutes off to watch the press conference).
I didn't make the original post about the stock market, although I did give a shout out.
I know there are casualties in every administration. Everyone has a different story to tell, none of which may have any impact by the government.
Thanks for your extensive response and I hope to be able to respond better later.
Awesome....(sm)
Yet another rambling session and yet....something is missing. Oh, that's right. What's missing is the fact that you can't back up the claim that was made. The question was "what regulations." Your answer thus far is seemingly...the ones that he might put in place...the onces that are in a supposed hidden agenda....the ones that only I can see....
In other words....the claim that small businesses are laying off people as a direct result of Obama legislation is nothing but BS spouted out by the likes of Limbaugh, Hannity and O'Reilly and regurgitated by the likes of you. Thank you for proving my point. You know, the thing that absolutely cracks me up about this board is that when people like you are asked a direct question, 9 times out of 10 you can't provide a valid answer. Why is that...I wonder...LOL.
Strike 3... 
I think he's awesome...(sm)
I think he is a litte awkward on TV, but I think it's absolutely hilarious. However, he is absolutely dead on with the issues. 
Awesome!...(sm)
He doesn't have to go back on Fox. All the other stations will run that clip until its dead.....LOL. BRAVO MR VENTURA!
Free speech, you rock!
You sound like a very open-minded, understanding person. Thanks for your insight!
and you would prefer what, that he say, yes, I am a rock star
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I liked Chris Rock's take on the Clintons...sm
http://ca.youtube.com/watch?v=9sT0KgGR-uM
On this issue? Do you live under a rock?
He has sidestepped the issue better than a boxer. He is getting desperate, that's for sure, and you know it. You even sound desperate. I don't have a horse in this race and don't care for either of them.
But at least McCain has said NO TAXES and Obama has said MORE TAXES ..plain and simple.
More government = more taxes
Is that easy enough for ya?
You crawled out from the rock to watch Fox
you have been very nasty to these ladies who support obama... shame on you
Rock on and party dude
Glad to see your in such glee while the country is heading for depression. In case you haven't noticed yet the country is hurting. This is not time to be throwing weekly parties.
But you go ahead and party on dude. rock on....
Negative on the clothes idea, but covering the mirrors would be good, or at least the pictures of our founding fathers. What a disgrace and anyone who supports disgracing a national historical buiding.
No throwing a weekly party is not a good way to inspire and promote goodwill. Maybe waiting a little while for things to turn around before proclaiming victory which has not come yet.
More and more people (and the numbers are growing in all three parties) say this guy does not know what he's doing.
Maybe the dow's been up for a couple days because the O hasn't been out flapping his gums.
But nay.....you go ahead and party hearty. Rock on!!!!!
Party like a rock star .....
and spend money like it grows on trees. Don't worry, we will be fine here Pres., eating our Ramen Noodles and Kool-aid.....
Right on Texas - you rock! I want to move there
Now I understand the true meaning of "Don't Mess with Texas"
http://blogs.chron.com/texaspolitics/archives/2009/04/perry_says_texa.html
Awesome post, Sam.
nm
Awesome quote!
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I have an awesome deal right now too (sm)
My husband is a firefighter so we have insurance through the city (BC/BS). That's a relief all by itself! However, the city has gone one step further for its employees. They provide FOR FREE a clinic where you can go for the small stuff (cuts, colds, UTIs, etc). They also provide city employees with FREE medicine so long as they carry it. It has to be generic, but it's such a huge help. What this service provides us: For me: lipid-lowering agent, happy pills, sleeping pills, and PPI. For my husband: Blood pressure medication and PPI.
They did this because it is actually cheaper for them in the long run to provide this service to their employees with health maintenance drugs, thereby reducing the added cost to the insurance from people not being able to afford this medication and ending up in the hospital which in the long run increases the cost of insurance. I just hope they can continue to do this.
Awesome post!!! (sm)
He nailed that one!!!
Awesome post!
Too bad not enough will be motivated by it.
Obama is doing an awesome job!!!!
It's nice to have a president who can go overseas and not come back with the imprint of an Adidas sole in his forehead... 
And the one below judging me and my *rock* right in the subject line
it's funny you only come out from under your rock
[Post a Reply] [View Follow Ups] [Politics] --> [Liberals]
Posted By: ??? on 2006-03-10,
In Reply to: To Monitor: A CON says your rules are *stupid* - PK
when you smell blood in the water---just in time to run tattle tale to the monitor. When your people are posting here you never to be found. Good luck with that...
rock stars, Britney Spears
Greek Temples, worshippers, dippity do, bang a lam a ding dong, riki tiki tavi . . . all just words, labels and silly attacks to distract from the serious issues of this election. BO could stand on a cardboard box and his words would still ring true.
gurl....I really don't care if he wants to be a rock star...
I just don't understand why he keeps saying he doesn't want to be likened to a rock star or a celebrity when all his actions say the opposite.
What I really do care about is his ability to perform as President. If I had confidence in that it would be a different story. I would like to believe what he says, and if he is not honest about the little things I have no confidence he will be honest about bit things. Just my opinion, gurl.
Yes. That is exactly what I am saying. WHen all this rock star talk started...
I saw an interview and have seen him say since that that is not the way he wants to be portrayed (like a rock star). So you are telling me now that he in fact DOES want to appear like a rock star? Well I stand corrected then. He chose the right people to design his set.
It is not insulting to suggest that people actually research things before they post them and not just take blogs and talking points for their information. Your compatriots have told me several times to do the research. I suppose it is all right coming from your side but insulting coming from mine. I get it.
But yes, go look at the votes. See how many times McCain and Bush butted heads and how many times McCain crossed party lines. How many times has Biden done that? None. How many times has Obama done that? None. As one Democrat poster posted to me below, Joe Biden knows that he has to be loyal to the party. That crystallized exactly what i have been trying to say. Yep, no matter what he takes, lying about a friend and throwing him under the bus, whatever it takes...loyalty to the party trumps everything.
And that is one area where McCain has them ALL beat. He has the guts to jump party lines for what he believes in. Because the American people have his loyalty, not the Republican party. That is something neither Obama or Biden can say. They never have, nor would they ever, jump party lines.
Party on dude/dudette...rock on
Good to see where our hard earned tax money is going.....
Rock on.
Yes, his speech was awesome, wasn't it?
my doc is so awesome -- sees me for free
i am so blessed. knows i don't have insurance, doesn't bill me. says if i pay for Rx's and lab work, he won't charge me. and, unbelievably, spends at least 60 to 90 minutes with me talking -- just amazing. small office, just doc, secretary and nurse. says he's not in it to be a millionaire. (put himself thru med school, 1 of 12 kids in his family.) i even know the names of his cats and all of his hobbies. he's in his mid 50s and i hope he never retires...
Awesome post techie! - nm
I guess he is awesome if your standards are
Personally, I think he is a traitor and I hope he gets fired!
The only point I can see is....he keeps denying the rock star thing...
and then has a rock star set designer do the set. Okay...so which is it?
McCain is not a Bush clone. The two are nothing alike. But, of course, to know that you would have to research it and would actually have to care about accuracy.
'Nuff said.
She didn't know about Rock Hudson's nasty behavior.
None of us did until he died from AIDS. And calling people names, even though wrong, is a far cry from being beat up. We have to teach our kids to be kind but not to accept certain behavior as good and that's not what you want. Am I right?
Bravo to another person that *gets it*. Awesome post! nm
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That is awesome. No more stealing our election! Gobama!
nm
Kaydie, your post is awesome and 100% the way that I feel s/m
about the whole thing as well. We are all entitled to our opinions, but let's remember that behind these screen names sits a real person with people who love them. Every one of us has value and something to add to this world. EVEN McCain and Palin are valuable citizens and have something to contribute, even if not from the White House. Obama, although I personally do not agree with his policies in general, will probably be good for our country in many ways. I am giving him a chance in my heart because I know that we all have to stick together. I wish him well and hope that we are a better country because of him, eventually...
Have a good day, MTs!!
awesome - dept. of free stuff
nm
Awesome, thanks. Now I have a list of companies to patronize.
Actually, the list was more a list of individuals who made contributions towards passing prop 8. Seems silly to boycott an entire organization because one guy or gal who happens to be employed there contributed to passing prop 8. Just goes to show you that gay right's activitists lack a certain amount of intelligence.
Awesome, thanks for posting, we fought and won the Revolution......sm
against all odds, a bunch of farmers with old muskets and pitchforks in Condord and Lexington, we were rabble, but we beat the British Empire, the greatest empire of its time, not once but twice to maintain our freedom. If we can get that mindset back, then yes we can, we can free ourselved from the tyrany of elitism, suppression of the middle class, and overhaul our social and banking systems. We fought to create and maintain this country, we now have to fight to save it from becoming a sad third-world country, a wasteland. We went from being a "Beacon of Hope" to a laughingstock among nations.
Well...the flight suit might disspell some of the rock star image...
I think Invesco field and the whole rock star set is going to do nothing to help him trying to portray himself as a serious politician ready to lead this country. But...I will wait until I actually see it...have only seen pictures so far. But if it is anything like it looks, it will be more like a hollywood musical than a political event. Maybe it IS all about the celebrity. Kinda looks like it might be.
Awesome. Taft, Harding, Coolidge, Hoover
Eisenhower, Nixon and Ford all bigtime republican socialists! Who knew?
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