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« AIG - Federal Reserve New York Discovery and Decision UPDATE. | Main | Pursuing the Premium Dollars After the Massachusetts Surprise. »

January 27, 2010

Residential Foreclosure Mediation: 'Modify Mortgage Loan Modifications' Proposed.

   The U.S. Treasury Department is apparently not pleased with the pace of its Making Home Affordable mortgage loan modifications or "Home Affordable Modification Program" ("HAMP").  It is reportedly prepared to ask no longer for tax documents to evidence residential homeowners' financial status.  Instead, Treasury will reportedly propose to ask for "pay stubs".  Peter S. Goodman, "Treasury Weighs Fixes to a Program to Fend Off Foreclosures" p. B1, col. 2 (New York Times Nat'l ed., "Business Day" Section, Friday, January 22, 2009).

   Deja vu all over again (as Yogi Berra never said).  One of the types of 'evidence' of financial worth that subprime lenders asked from applicants for Subprime Mortgages, was their "pay stubs" rather than their tax returns.

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Posted by on January 27, 2010 at 08:21 AM in Current Affairs, Mediation, Mortgage Insurance |

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