Well, bend over
Posted: March 4th, 2009, 10:57 am
Here are the "basics" of Obama's plan for homeowners. But guess who is getting the $ 1000 bonuses? BANKS Yep, the same crooks that got us into this have figured out how to get even more "bonus" money.
What a Mess (Sorry WAM, no pun intended
)
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The program will share with the lender/investor the cost of reductions in monthly payments from 38% DTI to 31% DTI.
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Servicers that modify loans according to the guidelines will receive an up-front fee of $1,000 for each modification, plus “pay for success” fees on still-performing loans of $1,000 per year.
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Homeowners who make their payments on time are eligible for up to $1,000 of principal reduction payments each year for up to five years.
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The program will provide one-time bonus incentive payments of $1,500 to lender/investors and $500 to servicers for modifications made while a borrower is still current on mortgage payments.
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The program will include incentives for extinguishing second liens on loans modified under this program.
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No payments will be made under the program to the lender/investor, servicer, or borrower unless and until the servicer has first entered into the program agreements with Treasury’s financial agent.
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Similar incentives will be paid for Hope for Homeowner refinances.
Dubble
What a Mess (Sorry WAM, no pun intended
)•
The program will share with the lender/investor the cost of reductions in monthly payments from 38% DTI to 31% DTI.
•
Servicers that modify loans according to the guidelines will receive an up-front fee of $1,000 for each modification, plus “pay for success” fees on still-performing loans of $1,000 per year.
•
Homeowners who make their payments on time are eligible for up to $1,000 of principal reduction payments each year for up to five years.
•
The program will provide one-time bonus incentive payments of $1,500 to lender/investors and $500 to servicers for modifications made while a borrower is still current on mortgage payments.
•
The program will include incentives for extinguishing second liens on loans modified under this program.
•
No payments will be made under the program to the lender/investor, servicer, or borrower unless and until the servicer has first entered into the program agreements with Treasury’s financial agent.
•
Similar incentives will be paid for Hope for Homeowner refinances.
Dubble
Now thats funny Sube 
he never said it would be for the better 
