Experts were baffled by last week’s move, in which the Treasury touted that it will triple its incentive payments to investors in hopes they will forgive borrowers’ loan principal.
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HAMP Changes: Treasury Increases Incentives for Principal Reduction. Under the new guidelines, Treasury will pay from 18 to 63 cents on the dollar to investors, depending on the degree of change in the loan-to-value ratio of the individual loans.
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Some mortgage investors are not averse to principal reduction. Thanks to the burst in the housing bubble, there are perhaps a. the reason why such cuts have been so rare under HAMP is because the Treasury Department’s guidelines emphasize interest rate reductions over principal reductions.
perform this evaluation and financial incentives for principal reduction. This Supplemental Directive also provides that the Second Lien Modification Program (2MP) will now require principal reduction in an amount at least proportional to any principal reduction offered on a corresponding HAMP modified first lien mortgage loan.
Other reports, including an interview with Freddie’s CEO, indicate that the GSEs’ analysis finds that principal reductions would be "cost effective" for the GSEs ONLY after factoring in the new, turbo-charged incentives Treasury would pay to the GSEs (and other lenders/investors) for doing a principal reduction under HAMP.
Treasury to pay investors triple for hamp principal reductions. The Treasury will also require servicers to factor in second liens and other obligations in the debt-to-income ratio calculation. Previously, if a borrower’s first-lien mortgage monthly payment was below 31% of the income, the borrower was deemed ineligible.
From Jon Prior at HousingWire: Treasury to pay investors triple for HAMP principal reductions The Treasury Department will triple payments to mortgage investors for reducing borrower principal through an expanded Home Affordable Modification Program announced Friday [CR note: Treasury will pay incentives ranging from .18 to .63 cents on the dollar – depending on the change in LTV]
Treasury to pay investors triple for HAMP principal reductions 50 Cent’s home holds a history of bankrupt owners FHA temporarily eases guidance on condo approvals
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