Thanks for the summary, IVent. Will try to find the hearing and watch when it replays later.

Actually, I’ve never met anyone who got the HAMP modification; I think that formula makes it very easy for the underwriters to deny homeowners.. Don’t know if my bank is any better or worse than the others. A BoA spokeswoman said during a C-Span2 hearing that banks knew from the beginning there wasn’t enough money to lend to 4 million people.

Wish they’d shared that iformation with the rest of us at the time!

This was not HAMP was the Bank who played you in to giving you an in-house mod

The only way to save Greece without sacrificing the people is by restructuring the debt let the Banksters take a hit !

Ramon, Because the Insurance (AIG) got Bail Out precisely to pay the banks

Excellent letter this should be also sent to US Treasury/ The office of the Special Inspector General/Sigtarp Fraud Oversight and the OTF (Office of the Thrift Supervision Fax 202 622 4559

The OCC had our HAMP case for 2 years, under two different file numbers, which made it difficult to find out what was going on. They finally responded to us through our Senator, who’d written them 3 letters, It was a denial. They sent him 2 lines, quoting the bank’s decision vernbatim, without explanation.

He’ offered to write a 4th letter, but by that time the bank had offered us an in-house loan. Exhausted from tryng to get HAMP, we gave up and took it.. They added $10,000 to the principal by $10,000, and doubled the original monthly payment (after rolling back HAMP trial debt of nearly $30,000 to the prncipal.)

Three weeks after we accepted the new loan, they added $50 a month to the mortage payment from their escrow for insurance they had paid during HAMP trials, payments which crossed with theirs in the mail., and a tax payment they also beat us to making.

If banks no longer wantedor intended to loan money to homeowners with houses valued under $750,000, they should have said so instead of putting us through this! We weren’t underwater when we signed up for the HAMP trial and still aren’t.

Had we sold our home in 2008 or 09 instead of trying HAMP we’d be $200,000 better off on the house.
to whether or not HAMP violates the Fair Trade Act? It’s clear by hindsight they never intended to make the loans–false pretenses!

No more public-private sector programs, please!

Greece lied about its financial capabilities when it ask for
admittance into the euromarket and they were not vetted
to insure they could keep their word.

If we don’t do it?

In another couple of years we will lose the ability to choose as the required contraction will be an effective 100%, at which point we will become Greece.”

Sorry, but you’ve not only got the horse standing behind the cart but you’ve got him upside down and backwards, too.

Greece is Greece BECA– USE it bowed to the austerity cries of the rest of the Eurozone and dramatically cut government spending. Why did the Eurozone demand a course of action which would destroy the people and country of Greece? Because their banks had moronically lent billions to Greece and, to admit that they would never be paid back, would cause their default.

This has been extensively written on by Krugman, Yves Smith and many others, including members of the AEI and former members of the IMF, not your usual lefty types.

See here for just one explanation:

http://money.cnn.com/2011/06/28/news/international/greece_debt_crisis/index.htm