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House Votes to Terminate HAMP
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 Votes to Terminate HAMP
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 Votes to Terminate HAMP

March 30, 2011 (Chris Moore)
mortgage-choppingblock-image
The House of Representatives voted to terminate the Obama Administration’s flagship anti-foreclosure program, the Home Affordable Modification Program (HAMP), by a vote of 252-170. HR 839 had been pushed through by House Republicans who have criticized the program as wasteful and under-performing.

Under HAMP, more loan modifications have failed than have been successful. Out of 1,466,500 temporary modifications, more than 792,500 have failed, a failing rate of 54 percent. The program was originally intended to help 7 to 8 million homeowners (although later downsized to 3 to 4 million). The program has reached just over 600,000 permanent loan modifications.

HAMP was the last of four anti-foreclosure programs that were recently terminated in the House. However, the Senate is unlikely to even take up the bills and they would meet a certain veto if any of them made it to the President’s desk.

Rep. Patrick McHenry, R-N.C., the sponsor of the bill, criticized the program because of reports that those who enter the program end up being harmed more because they use up savings and damage credit ratings during months of waiting, and then are rejected for permanent reduced loans, at which time they are required to pay all back payments and fees which subsequently leads to foreclosure.

Democrats chastised Republicans for ending the program without offering an alternative with Rep. Keith Ellison, D-Minn. stating, “Rather than try to get the program right we abandon all those people who are underwater.”

Fifty Democrats wrote a letter to Treasury Secretary Tim Geithner on Monday urging him to act as quickly as possible to overhaul the program.

Republicans noted that the program had used less than $1 billion out of $30 billion that had been made available through TARP.

As the bill now moves to the Senate, Sen. Jim DeMint (R-SC) who is one of four Republican Senators that have introduced a similar bill in the Senate, has previously stated, “My office has heard from numerous South Carolina families who went to HAMP for help, but after months of false promises and mountains of paperwork they were left in worse financial shape. HAMP is just the latest failure of President Obama’s big government experiments. HAMP has not even reached ten percent of its intended goal of helping seven million American homeowners modify their loans, but it has succeeded in pushing hundreds of thousands of other Americans closer to foreclosure and personal bankruptcy.”

Tags: Republicans, Democrats, HAMP, mortgage programs, failures, loan modifications, government assistance programs, HR 839

Sources:
Darian News
LoanRateUpdate
Ifoodtv (Image)

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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A NEW CAR?


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COULD SAVE YOU THOUSANDS.
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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.
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

March 30, 2011 (Chris Moore)
mortgage-choppingblock-image
The House of Representatives voted to terminate the Obama Administration’s flagship anti-foreclosure program, the Home Affordable Modification Program (HAMP), by a vote of 252-170. HR 839 had been pushed through by House Republicans who have criticized the program as wasteful and under-performing.

Under HAMP, more loan modifications have failed than have been successful. Out of 1,466,500 temporary modifications, more than 792,500 have failed, a failing rate of 54 percent. The program was originally intended to help 7 to 8 million homeowners (although later downsized to 3 to 4 million). The program has reached just over 600,000 permanent loan modifications.

HAMP was the last of four anti-foreclosure programs that were recently terminated in the House. However, the Senate is unlikely to even take up the bills and they would meet a certain veto if any of them made it to the President’s desk.

Rep. Patrick McHenry, R-N.C., the sponsor of the bill, criticized the program because of reports that those who enter the program end up being harmed more because they use up savings and damage credit ratings during months of waiting, and then are rejected for permanent reduced loans, at which time they are required to pay all back payments and fees which subsequently leads to foreclosure.

Democrats chastised Republicans for ending the program without offering an alternative with Rep. Keith Ellison, D-Minn. stating, “Rather than try to get the program right we abandon all those people who are underwater.”

Fifty Democrats wrote a letter to Treasury Secretary Tim Geithner on Monday urging him to act as quickly as possible to overhaul the program.

Republicans noted that the program had used less than $1 billion out of $30 billion that had been made available through TARP.

As the bill now moves to the Senate, Sen. Jim DeMint (R-SC) who is one of four Republican Senators that have introduced a similar bill in the Senate, has previously stated, “My office has heard from numerous South Carolina families who went to HAMP for help, but after months of false promises and mountains of paperwork they were left in worse financial shape. HAMP is just the latest failure of President Obama’s big government experiments. HAMP has not even reached ten percent of its intended goal of helping seven million American homeowners modify their loans, but it has succeeded in pushing hundreds of thousands of other Americans closer to foreclosure and personal bankruptcy.”

Tags: Republicans, Democrats, HAMP, mortgage programs, failures, loan modifications, government assistance programs, HR 839

Sources:
Darian News
LoanRateUpdate
Ifoodtv (Image)

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

March 30, 2011 (Chris Moore)
mortgage-choppingblock-image
The House of Representatives voted to terminate the Obama Administration’s flagship anti-foreclosure program, the Home Affordable Modification Program (HAMP), by a vote of 252-170. HR 839 had been pushed through by House Republicans who have criticized the program as wasteful and under-performing.

Under HAMP, more loan modifications have failed than have been successful. Out of 1,466,500 temporary modifications, more than 792,500 have failed, a failing rate of 54 percent. The program was originally intended to help 7 to 8 million homeowners (although later downsized to 3 to 4 million). The program has reached just over 600,000 permanent loan modifications.

HAMP was the last of four anti-foreclosure programs that were recently terminated in the House. However, the Senate is unlikely to even take up the bills and they would meet a certain veto if any of them made it to the President’s desk.

Rep. Patrick McHenry, R-N.C., the sponsor of the bill, criticized the program because of reports that those who enter the program end up being harmed more because they use up savings and damage credit ratings during months of waiting, and then are rejected for permanent reduced loans, at which time they are required to pay all back payments and fees which subsequently leads to foreclosure.

Democrats chastised Republicans for ending the program without offering an alternative with Rep. Keith Ellison, D-Minn. stating, “Rather than try to get the program right we abandon all those people who are underwater.”

Fifty Democrats wrote a letter to Treasury Secretary Tim Geithner on Monday urging him to act as quickly as possible to overhaul the program.

Republicans noted that the program had used less than $1 billion out of $30 billion that had been made available through TARP.

As the bill now moves to the Senate, Sen. Jim DeMint (R-SC) who is one of four Republican Senators that have introduced a similar bill in the Senate, has previously stated, “My office has heard from numerous South Carolina families who went to HAMP for help, but after months of false promises and mountains of paperwork they were left in worse financial shape. HAMP is just the latest failure of President Obama’s big government experiments. HAMP has not even reached ten percent of its intended goal of helping seven million American homeowners modify their loans, but it has succeeded in pushing hundreds of thousands of other Americans closer to foreclosure and personal bankruptcy.”

Tags: Republicans, Democrats, HAMP, mortgage programs, failures, loan modifications, government assistance programs, HR 839

Sources:
Darian News
LoanRateUpdate
Ifoodtv (Image)

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