A great perspective of AIG and the Home Affordable Modification Program Guideline in relation to the homeowner.
COMPARE . . . .
THE GOVERNMENT BAILOUT FOR AIG - $170,000,000,000 so far.
- No accountability
- No audit
- No budget
- No receipts
COMPARE TO THE GOVERNMENT MORTGAGE MODIFICATION BILL FOR AMERICAN HOME OWNERS -
Home Affordable Modification Program Guidelines
Monthly Payment Reduction Cost Share:
Servicer Incentive Payments and Pay for Success Fees:
Borrower Pay-for-Performance Success Payments:
Current Borrower One-Time Bonus Incentive:
Program Payment Conditions
Pooling and Servicing Agreements:
Origination Date of Loan Subject to Modification:
• The home must be an owner occupied, single family 1-4 unit property (including condominium, cooperative, and manufactured home affixed to a foundation and treated as real property under state law).
• The home must be a primary residence (verified with tax return, credit report, and other documentation such as a utility bill).
• The home may not be investor-owned.
• The home may not be vacant or condemned.
• Borrowers in bankruptcy are not automatically eliminated from consideration for a modification.
• Borrowers in active litigation regarding the mortgage loan can qualify for a modification without waiving their legal rights.
• First lien loans must have an unpaid principal balance (prior to capitalization of arrearages) equal to or less than:
o 1 Unit: $729,750
Loans can only be modified under the Home Affordable Modification program once.
Servicers should follow any existing express contractual restrictions with respect to solicitation of borrowers for modifications.
The servicer may use, at its discretion, either one of the government sponsored enterprises (GSEs) automated valuation model (AVM) - provided that the AVM renders a reliable confidence score - or a broker price opinion (BPO).
The borrower's income will be verified by requiring a signed Form 4506-T (Request for Transcript of Tax Return) and obtaining the most recent tax return on file for each borrower on the note.
A standard NPV Test will be required on each loan that is in Imminent Default or is at least 60 days delinquent under the MBA delinquency calculation.
There is no requirement to use principal reduction under the Home Affordable Modification program;
THE DIFFERENCES ARE ASTOUNDING
The power groups on Wall Street and in the Congress and the White House groom these actors to play parts, not think. Geithner is an actor in the financial farce playing in the White House this year.
The attention to the AIG bonuses merely obfuscates the act of Senator Christopher Dodd in inserting language in the authorization (the Dodd Amendment) that gave $Billions to AIG that specifically exempted these bonuses.
I don't believe that trying to tax the AIG employee bonuses is even legal. There are constitutional barriers against acts such as these on the part of the government. Bills of Attainder, or ex post facto taxes probably wouldn't withstand a consitutional test. But, then, what do I know??
Every day it becomes more and more apparent that the persons in positions of directing the $Billions of tax payer money to their cronies. They view the tax payers in America as suckers who have no power, no influence and no brain. Too often they are right.
Sooner or later, however, the American tax payer is going to wake up and have an "Eureka" moment and we'll sweep the entire bunch of these fools out and put a new bunch of fools in.
The more things change, the more they stay the same.
"Honey, are we going to be able to modify our mortgage?"
"I don't believe so Dear. We owe more than 105% of the value"
Managing Broker - CDV TransAtlantic, Inc.
(863) 619-6918
