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Article: Issues With HAMP Numbers.(News)
- Article from:
- Mortgage Servicing News
- Article date:
- August 1, 2009
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Amida Dymi
Irvine, CA-At least one market insider finds the Home Affordable Modification Program has created a new dynamic between the scale of demand for loan modifications and real possibilities for those in need.
Andy Firoved, CEO of loan modification services provider Homeowner Toolbox Inc. here, says HAMP misconceptions risk putting both servicers and homeowners at a disadvantage. In his view, more homeowners will be helped if the industry strikes a better balance between required and voluntary participation in HAMP and a better use of existing tools and services.
If we do the math, he says, the fifteen lenders who have signed up ...