Using new Treasury Department figures, previously unreleased documents obtained through Freedom of Information Act requests, and new analyses of state and industry data, we have assembled the most detailed look yet at how the the mortgage industry [2] and the government's main effort, the Home Affordable Modification Program (HAMP), have failed homeowners.
It provides crucial context to the ongoing government investigation into mortgage servicing practices, which might lead to reforms [3] of how banks and servicers handle homeowner requests for modifications.
Here's what we learned:
- Only a fraction of struggling homeowners are getting help.2026 [4]
- Mortgage servicers are only reaching a small fraction of struggling homeowners.2026 [5]
- The largest servicers, especially Bank of America, have left most struggling homeowners in limbo without either modifying or foreclosing. [6]
- HAMP itself hasn't made much difference: It hasn't led to an increase in modifications.2026 [7]
- Just over one in five homeowners who applied for a HAMP mod have received a permanent modification2026 [8]
- And in one quarter of rejections, mortgage servicers - notorious for losing documents - have cited missing documents as the reason. [9]
- Here are your overall chances of getting a mod with each of the top servicers. [10]
- Treasury claims servicers are improving, but its own data show otherwise. [11]
- When servicers offer a mod, it's generally more affordable than mods used to be.2026 [12]
- But instead of mods, servicers have recently been offering more repayment plans, which actually increase struggling homeowners' payments. [13]
- In the end, most government funds set aside to help homeowners are still unused. [14]
"No TKO's will be accepted"
~
Check out this letter sent from "Foreclosure Stoppage" Attorney George Babcock to opposing counsel Mark Harmon...
Dear Mr. Harmon,
Please
be advised that I have been retained by Mr. Conley regarding the
notice of illegal foreclosure you mailed to him on February 4, 2011.
The chain of title to this properly and the note is like a walk down
the yellow brick road. Is Harmon Law the Wizard of Title? You
display extreme indifference to the law by noticing a foreclosure on
this property. As you know, I take great pride in defending my
clients against the evil forces that guide your actions. Mr. Conley
is a personal friend. It is my intention to be even more pugilistic in
this matter. It is disgusting and I will make sure that whoever
violates his property rights is knocked out of the ring. No TKO's will
be accepted. A full fledged, right cross to the chin of the beast.I
look forward to a response although I am quite certain you will not
engage me as is your habit. Send your minions that I may lay waste
to them before me.I hope that this letter is circulated as
has been your habit in the past. I like my enemy to know that I am at
its doorstep.Very truly yours,
George E. Babcock, Esquire
Actual letter below...
But first, some background on Mark Harman...
AG investigating Newton law firm's foreclosure work
Harmon
Law Offices, a Newton firm that specializes in foreclosures, is being
investigated by the state attorney general's office for allegedly
unlawfully evicting residents from bank-owned properties.State
officials want to determine whether Harmon Law failed to comply with a
new Massachusetts law that protects tenants living in foreclosed homes
from eviction, a spokesman for Attorney General Martha Coakley said
today. more here...Plantation foreclosure company's director quits amid investigation ...
Mark
P. Harmon has resigned as a director at the Plantation foreclosure
processing company with ties to David J. Stern's law practice, as the
Massachusetts Attorney General said it is investigating whether
Harmon's firm illegally evicted tenants from repossessed homes in that
state.Harmon's resignation, announced by DJSP Enterprises Inc.
on Monday, comes as the beleagured company said it is laying off
another 198 employees, bringing the total to 300 within the past two
weeks. more here...For more on "Foreclosure Stoppage" attorney George Babcock click here...
4closureFraud.org
Foreclosure Fight Club Lawyer Letter
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