{"id":10472,"date":"2009-12-01T21:59:00","date_gmt":"2009-12-02T04:59:00","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=10472"},"modified":"2009-12-01T21:59:00","modified_gmt":"2009-12-02T04:59:00","slug":"hafa-hamp-and-other-assorted-worthless-acronyms","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10472\/hafa-hamp-and-other-assorted-worthless-acronyms\/","title":{"rendered":"HAFA, HAMP and other assorted worthless acronyms…."},"content":{"rendered":"

Okay, I’ve got to admit, it’s been one of those days, but I can’t stand by and not say what I’m thinking about this new “short sale” program.    I’m already hearing a lot of Realtors and others saying, “This is great news!”    Well, hold on a minute…..<\/p>\n

I’m going to go through some of the main points of the HAMP Update that was issued yesterday and that our President spoke about today.    You can find the entire thing at Hamp Update<\/a> if you want to read it for yourself.  If you want to read the entire directive, you can find that at Directive<\/a>.   The bold and italicized portions are quotes from the official documents.   The regular print is my thoughts…….<\/p>\n

Supplemental Directive 09-09 provides guidance to servicers<\/b><\/i>
There’s the first clue that something’s not going to go well.   It provides guidance.  <\/p>\n

The definition of guidance according to Wikipedia<\/a> is: Advice (opinion)<\/a>, an opinion or recommendation offered as a guide to action, conduct.  <\/p>\n

<\/i>See where the problem is?   It’s guidance, it’s not mandatory.   So, Uncle Sam can say, “Now, Mr. Banker, you really should do this……”    And the Banker can say, “(Well, we really shouldn’t print that.)”<\/p>\n

provides servicers with the option to determine the extent to which short sales or deeds-in-lieu will be offered under this program.<\/b><\/i>  (This is actually from the Directive).     <\/p>\n

It provides options.   It allows the servicer to determine the extent to which they offer them under this program.<\/p>\n

So, once again, what do we have?   We have Uncle Sam saying, “Now, Mr. Banker, it would be really nice if you did this……”   And the Banker can say, “____________________.”<\/p>\n

The effective date of this Supplemental Directive is April 5, 2010.<\/i><\/b>
Excuse me, but what the heck is the rush for?   I mean, they rolled out the HASP refi program to lenders the day that they made it public to consumers so we were getting calls on it before we even knew what was what.    Now they are giving the banks four months to decide whether they want to participate?    Why not next Monday? <\/p>\n

With either the HAFA short sale or DIL, the servicer may not Read more<\/a><\/b><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

Okay, I’ve got to admit, it’s been one of those days, but I can’t stand by and not say what I’m thinking about this new “short sale” program.    I’m already hearing a lot of Realtors and others saying, “This is great news!”    Well, hold on a minute….. I’m going to go through some of the […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[62,29,26],"tags":[413,431,78],"class_list":{"0":"post-10472","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-dirty-laundry","7":"category-group-therapy","8":"category-lending","9":"tag-foreclosures","10":"tag-hafa","11":"tag-short-sales","13":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":10513,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10513\/modifications-are-failing-more-on-the-acronym-soup\/","url_meta":{"origin":10472,"position":0},"title":"Modifications are Failing…. (More on the Acronym Soup)","author":"Tom Vanderwell","date":"December 8, 2009","format":false,"excerpt":"There's a couple of interesting and yet disturbing points to this report from CNBC:over 2\/3rds of the people who are currently in the trial period of loan modifications are not going to qualify for the permanent modifications.\u00a0\u00a0 Why?\u00a0\u00a0 A couple of likely possibilities:\u00a0 1) They are too far upside down\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11505,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11505\/in-defense-of-home-loan-cramdown\/","url_meta":{"origin":10472,"position":1},"title":"In defense of home loan cramdown!","author":"Damon Chetson","date":"March 9, 2010","format":false,"excerpt":"Al's got a post up about the latest effort to get us out the housing mess. The feds are rolling out HAFA, set to take effect April 5, which will solve all of our problems! by giving financial incentives! for borrowers, servicers, and investors! In exchange, creditors must release borrowers\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10315,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10315\/giving-up-the-iphone-for-the-droid\/","url_meta":{"origin":10472,"position":2},"title":"Giving up the iPhone for the Droid?","author":"Damon Chetson","date":"November 15, 2009","format":false,"excerpt":"Updates Below 11\/16\/09 I live in the far suburbs (bordering on rural) of Raleigh, and have had the iPhone 3G (not the latest 3GS) since April.\u00a0 I mostly love it. It integrates well with gmail, where I maintain my contacts.\u00a0 It has a few really nice apps that make life\u2026","rel":"","context":"In "Technology"","block_context":{"text":"Technology","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/technology\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2445,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2445\/updating-wordpress-for-the-new-year-just-because-were-living-in-an-ethereal-world-it-doesnt-mean-theres-no-house-keeping\/","url_meta":{"origin":10472,"position":3},"title":"Updating WordPress for the New Year: Just because we’re living in an ethereal world, it doesn’t mean there’s no house-keeping","author":"Greg Swann","date":"December 29, 2007","format":false,"excerpt":"I'm upgrading eight of the weblogs we host this weekend. That's not all the weblogs we host, just the ones that are currently being maintained on at least a semi-regular basis. The single-property-web-sites we've done as weblogs are languishing in neglect. These are the blogs I'm hitting:BloodhoundBlog.com BloodhoundBlog.TV BloodhoundRealty.com DistinctivePhoenix.com\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6129,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/6129\/in-detroit-idle-is-a-four-letter-word\/","url_meta":{"origin":10472,"position":4},"title":"In Detroit, Idle is a Four Letter Word","author":"Thomas Hall","date":"December 15, 2008","format":false,"excerpt":"In a prior life, before becoming a licensed real estate professional, I was responsible for implementing supply chain technology in the discrete manufacturing arena - more specifically - the auto industry. Over a 7 month period, between 1998 and 1999, I made a temporary home in Sterling Heights, Michigan -\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4223,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4223\/quick-update-on-the-rumors\/","url_meta":{"origin":10472,"position":5},"title":"Quick update on the rumors….","author":"Tom Vanderwell","date":"September 5, 2008","format":false,"excerpt":"If any of you have enjoyed the \"give and take\" between Sean and I about the Fannie Freddie death watch, it appears, based on reports in the Wall Street Journal and others that the bailout is happening this weekend.\u00a0\u00a0 What shape is it taking?\u00a0\u00a0 Lots of rumors, very few facts.\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=10472"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10472\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=10472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=10472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=10472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}