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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Les H who wrote (291291)11/14/2010 2:24:31 AM
From: Skeeter BugRead Replies (1) of 306849
 
HAMP was designed to INCREASE foreclosures, not reduce them.

i know, one of my coworkers is now facing foreclosure since he went into HAMP and he wouldn't be here if he never did HAMP.

the reason is that the banks have insurance policies on these homes defaulting and they want to get paid.

here is the scam...

1. tell people to default so they can qualify for HAMP.
2. tell them they qualify for HAMP and set them on a 3 month trial of reduced payments.
3. hope the mark doesn't realize this is a complete scam and doesn't save the money they are saving on the HAMP program.
4. at the end of three months tell the homeowner they don't qualify for HAMP and they now owe the missed payment, the difference in back payments and a hefty late fee on top of it.
5. pray they can't pay it so the banks can foreclose on the $300k home and collect the $1.2 million in CDSes they had on the mortgage.

god bless america's banking coup detat.
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