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SIGTARP Reports Servicers Wrongfully Terminating Homeowners from HAMP Modifications

Findsen Law

In the newest SIGTARP Report dated January 27, 2016, reviewing the use of bailout TARP money and the shenanigans of your favorite large financial institutions to abuse and damage the people they received money to help, get your smelling salts and vapors because the findings are, wait for it, yes, loan servicers are still abusing homeowners and getting away with it on the regular:

Given the high percentage of homeowners falling out of HAMP and known problems with servicers not following HAMP rules, in October 2013, SIGTARP recommended that Treasury research and analyze whether, and to what extent, the conduct of HAMP mortgage servicers contributed to homeowners redefaulting on HAMP permanent mortgage modifications.iv Although Treasury has not conducted a full analysis, Treasury has partially implemented SIGTARP’s recommendation, and reviews samples of 100 homeowners who had redefaulted out of HAMP at each of the largest HAMP servicers each quarter as part of…

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