HAMP | Federal Payments Halted to Bank of America, J.P. Morgan Chase and Wells Fargo for Failing to Meet Basic Program Requirements

Federal payments halted to 3 mortgage servicers

Three of the nation’s largest mortgage servicers will no longer receive payments tied to their participation in the Obama administration’s main foreclosure prevention initiative until they improve their performance in that program, a senior administration official said Wednesday.

Bank of America, J.P. Morgan Chase and Wells Fargo need to make “substantial improvements” to collect fees through the Making Home Affordable Program, which helps struggling borrowers by lowering their monthly mortgage payments.

The companies failed to meet basic program requirements, such as properly contacting borrowers, the official said. The details are scheduled to be released Thursday in a report that will assess the performance of the 10 largest participating servicers.

Check out the rest here…

Full report once we get it…



17 Responses to “HAMP | Federal Payments Halted to Bank of America, J.P. Morgan Chase and Wells Fargo for Failing to Meet Basic Program Requirements”
  1. l vent says:

    I found an interesting coincidence on my mortgage docs last night. Can a notary from a bank also be an escrowee for a title co.? Seems unlikely.

  2. MomSoTiredInManatee says:

    How do you get the straight story on whether or not your lender participates in HAMP?! I was told both yes and no by the “illigitimate” servicing company and unfortunatly my loan is one of those “magical” lost and/or destroyed then reappearing then sold to 6 skillion other people, backdated, illegally served,etc…loans so no one there can give me a consistant answer neither can HAMP they just refer me back to them…

  3. CoCo says:

    Remember Bernie Madoff? All of our attention was diredted to him while the Wall Street gangsters and the Fraudulent banksters worked their own Ponzis Schemes on us. I will be demanding back the $13,000.00 that I supposedly paid to Bank of New York for a loan mod through the HAMP program. Turns out they don’t own my loan. My payments were sent to Wells Fargo. They don’t own my loan I paid for eight long months and they kept trying to make me pay until I realized I was being fleeced. I quit paying. Haven’t heard a word since 1/10.
    I think that we will all get Quiet Title to our homes and we need to get reimbursed for all of the payments that we sent in to a bogus institution collecting the money. IT IS ILLEGAL TO COLLECT MONEY ON COLLATERAL THAT YOU DO NOT OWN.

    • M Mccloud says:

      you are absolutely correct. I plan on asking my “pretender-lender” for all of the money I’ve paid. 5 years of a 8.460%…and 1 year of 7.360% mod. what a joke. Then added $20,000. to my loan which puts me “treading water”.
      Here in Oregon they just tried to get our legislators to turn their backs on 800 years of property law.

      I would love to stay in contact with you, share knowledge…lend and lean support.

      I am looking at both options for title to my home. Quiet and/or clouded.

      Please leave me a message in the private chat…at foreclousre hamlet. My chat is M J McCloud

  4. housemanrob says:

    Just think……… all servicers do is process payments down the black hole! (where she goes…….nobody knows. When you stop paying, the only service a homeowner receives are designed to separate him from his/her money and LEAVE THEM DESTITUTE with destroyed credit……..some service!

  5. diane defazio says:

    The HAMP…don’t get me started. The HAMP, may have been well-intentioned, (but more likely than not it was PR), was little more than an opportunity for loan modification companies to expand their services, advertise using the HAMP as incentive and ultimately look more legit and pass themselves off as non-profit facilitators of HAMP.
    Since HUD did not provide enough well-trained representatives to assist homeowners, unfortunately the creation of HAMP became a net to snare the desperate homeowners toward many fraudulent modification companies. What a coup for home mod companies and banks. While home mod companies kept their desperate clients occupied with modification and uninformed many banks were able to proceed with foreclosure. Think they are working together? Banks and Loan Modification Companies…hmmm…now that’s a partnership created in hell.

    I just took a break from my attempted pro-se work (no retainer, no attorney; no legal aid due to budget cuts) to fight an eviction that was initiated after a foreclosure sale that I thought was delayed during negotiations with my loan modification company, US Mitigation Services, aka Alliance (and other aka’s) run by Peter A. Mills(google it). They have original documents that they were supposed to photostat and return, and $700 that was actually paid after the sale of my property!

    Well, back to the drawing board. I plan to use MERS to defend my eviction and possibly go forward with a charge of slanderous title, etc. So many authorities to contact, so little time. Good Luck to all the others out there being scammed and robbed by big business.

  6. Good news! Keep spreading the word. EDUCATION IS POWER! We are getting our points out there.

  7. AS says:

    Joe Parsi siad “Here in NY, the AG seems to be on the right track.” That’s great. Unfortunately some AG’s seem to appear more concerned about the Banks such as Florida’s AG Bondi and Oklahoma AG Scott Pruit. IMO
    “Pruitt said that he was not in favour of compelling the servicers to pay a minimum of $20 billion for reducing the mortgage principals of those borrowers who were underwater”. He is supposed to have an alternative plan. So far I have not been able to find a copy of the “alternative” settlement online, yet.

    May 11 it was reported that ” In Tulsa, OK one out of every fifty homes in Tulsa is in foreclosure. This amounted to a 37% increase during the 2010 calendar year. Although the unemployment rate in Tulsa has been below the national average for the past few years, the foreclosure rate has been increasingly high. Job losses in Tulsa increased by 38% in 2010.

    The firm Kivell, Rayment and Francis of Tulsa, OK a foreclosure mill in Tulsa, OK is listed online as being among the Oklahoma lawfirms that deal with LPS who is accused of doing robo signing. Thoma Kevill of the foreclosure mill is the owner of First Title and Abstact Co.

    What Oklahoma’s do you suppose Mr. Pruitt who is a very conservative republican is concerned about?

  8. Pamela says:

    The banks are not meeting the basic requirement……….The banks…….Really????Are we sure that we have the correct info?Hard to visulize these paragons of virtue and society not doing something by the books………not!!!!Whatever they’ve been at this for friggen centurys an now all of a sudden they notice that the basics are not being done and then act like they just now notice it.The banks …….REALLY?

  9. AS says:

    Maybe they will just do like OCWEN Federal Bank did when they were notified of problems with their servicing in April 2004 by the Office of Thrift Supervision! DeBANK and then reincorporate as a Limited Liablity Company which allows them to continue to service loans badly without the Federal or State Comptroller Oversight! Just My Opinion

    The Government Office of Accountablity concluded that federal laws do not specifically address the foreclosure process, and as a result, oversight of servicers has been “limited and fragmented.” 5-2011

  10. Cindy says:

    Exactly, Debi.

    Smoke and mirrors. Where are the handcuffs?

  11. leapfrog says:

    Well its about stinking time.

  12. joe parisi says:

    If a lay person did what these banksters did, we would be put in jail. Corporations running this country and banks also has to end. When will a common man or woman be allowed to run for President instead of these phonies like Trump, Palin, et al. Then maybe we will see honesty and no corruption.

    Keep up the good work. Here in NY, the AG seems to be on the right track.

    • leapfrog says:

      Quite right, Joe. Quite right.

    • Charise says:

      The illusion that one has to have lots of money to run a campaign is a huge smoke screen. In reality all that money pays for is TV AD TIME and the spinmasters that create the ads!
      The first person to run without TV as will be ahead of the game and can win based on reality.
      The first thing they tell anybody wanting to run is that you will spend most of your time raising money for ads! Even after you win the office you hit the ground running for more money for your next campaign!
      The next thing they tell you is that you can’t run without spending millions in campaign ads and that’s why it’s so hard for good people to run for office.
      Which means that from day one the politician is out there looking for money, selling his soul to the highest bidder! His entire political life becomes an endless search for more money!
      The questions becomes why do we accept things that are clearly unacceptable and detrimental to us all?
      There was a time when this wasn’t true, since it is true then we need to change the page and the way elections are run!

  13. debi J says:

    They can’t improve. They don’t own the loans. Debi

    • l vent says:

      That’s right Debi. Our homes are paid for free and clear because of their Ponzi Scheme. Loan mods are just more fraud to cover up all of the massive an pernicious fraud throughout the entire loans. That is the reason why we have Foreclosuregate. The dirty little secret is, we do not owe anybody any money. They made hundreds of trilions using all of us as the collateral in their Ponzi Scheme. Wall Street has a gambling problem ..Their greedy filthy rich owners want us to pay for all of the bad risk their perps took with our homes .Screw alll of these greedy bastards, it was all intentional. Too bad the perps did not secure their collateral lien. The owners never wanted us to own our homes, and never wanted the gravy train to stop.PURE GREED. Too bad, they made way too much money already off of this PONZI SCHEME SWINDLE AND HEIST and now OUR homes are paid for because of it, THANK YOU VERY MUCH..

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