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House to Vote on Bills to Kill Housing Aid Programs
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
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 LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
House to Vote on Bills to Kill Housing Aid Programs
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
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 LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
House to Vote on Bills to Kill Housing Aid Programs

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

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
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Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
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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

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

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

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS