HAMP

Proposed Settlement To Force Lenders To Pay For Principal Loan Reductions

February 24, 2011

The Wall Street Journal is reporting that The Obama administration is trying to push through a settlement with the major loan servicers that could force America’s largest banks to be on the hook for reductions in loan principal worth billions of dollars.  News of the proposed settlement is noteworthy because it would be the first […]

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Homeowner Beats Bank of America in Small Claims Court

January 6, 2011

A California homeowner sued Bank of America(BOA) in Small Claims Court after they denied his modification request and initiated the foreclosure process. Dave Graham, who lives in California, applied for a loan modification under the Obama administration’s Home Affordable Modification Program (HAMP), which is supposed to give eligible borrowers a “permanent” five-year modification if they make […]

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