As we have already discussed in a previous article the possibilities of new changes to come to the government’s loan modification program HAMP. The next chairman for the House Oversight and Government Operations Committee, wants to take a look at the nearly $30 billion committed to the HAMP program and use the money to help borrowers that failed at getting approved for a loan modification. There probably is a good reason why some people have failed and simple do not belong in the house any longer.
Right now residential servicers of mortgages like American Home Mortgage Servicing or AHMSI have already been paid nearly $700 billion in incentives as part of the approval process for the HAMP program. As long as the homeowner makes their mortgage payment on time the servicer gets $1000 on annual successful payments up to five years. The homeowner gets a slight reduction in their principal balance estimated around $80 a month for as long as they stay current on the mortgage over the next five years. See the Making Home Affordable website for further details.
That seems a little backwards to me, if anything the homeowners should be the ones getting a better incentive to stay in their homes, by forcing investors to do a principal reduction, but that is just merely my opinion. We see different opinions about the government’s involvement and if the HAMP and MHA programs are really working. Being on the fore front of the loan modification myself and seeing loan modification request from all walks of life, I would have to say in the beginning most of the people looking for assistance really needed it, but now I believe more people are not in need of the assistance but want a reduction in their principal and feel it is justified. That is not the case though.
Representative Darryl Issa of California who will be overseeing the TARP or Troubled Asset Recovery Program coming this January 2011, he intends to do extensive oversight hearings to see how to better assist the millions that still face foreclosure. TARP funds the loan modification program Home Affordable and according to the California Republican Issa, the program didn’t start out the right way to begin with and it is know evident weather it has actually worked
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White House Acknowledges Some Low Wage Earners Will Have Less Money In Their Pocket Next Year – Today’s Q’s for O’s WH
December 08, 2010 4:07 PM
National Economic Council director Larry Summers and White House senior adviser David Axelrod joined White House press secretary Robert Gibbs at today’s briefing.
As first noted by the New York Times, some low wage earners may be getting the fuzzy end of the lollipop in this tax cut compromise, in the sense that they may have less money in their pocket next year as opposed to this year. That’s because they receive tax credits through the Making Work Pay tax credit, which expires at the end of this year. That tax credit will be replaced by a payroll tax reduction of 2% -- and for some low wage earners, the tax credit is bigger than 2% of their income.
TAPPER: I was wondering if you could comment on the New York Times report today that those at the -- at the lower end of the economic spectrum will actually be the only ones with less money in their pocket as a result of this deal because of the Making Work Pay elimination and the...
SUMMERS: It's a good question. It's a very -- it's a very good question. You -- you have to figure out what comparison you're going to do. It is true that for a $16,000 a year, so that's an all-year minimum wage worker, it is true that the Making Work Pay would have given that -- would have given that worker $400, and the -- this proposal, the pay roll tax holiday, will give $320. That's -- and there is that $80 difference. On the other hand, the proposals, such as the House bill that contained the Making Work Pay, would not have -- would not have included any of the three refundable tax credits that I mentioned, which, cumulatively, for that family, on average are worth several hundred dollars.
Obviously, it depends on how many kids the family has and what the situation is, but on average would work out to about $300 for such a family. One. Two, would not have included the continuation of unemployment insurance benefits, which provide $300 a week in benefits. And, three, takes no account of the extra growth increment that will come from this program. If you raise GDP by 1 percent, that's $2,000 for the average family.
So we, as -- as I've emphasized, this was a compromise. But if you look cumulatively at the elements that were in this compromise, relative to no deal or even relative to the bill that passed through the House, that $16,000 a year family gets much more support from this bill than it would have -- than it would have in its absence. And we believe you have to look at the totality of the program, not just take one provision from it and compare it with one provision in some other bill.
(CROSSTALK)
TAPPER: But, just to be clear, there are those on the lower end of the economic chart who will be -- who will not benefit in 2011 compared to 2010 in this deal, while everyone else on the financial spectrum will.
SUMMERS: No. No. That's not right. That's not right. But you just said -- what you just said is factually -- is -- is wrong.
TAPPER: A single person. No family. Doesn't get a child credit. $16,000 a year.
SUMMERS: Right. That person will get $320. That person will get -- will -- will get $320.
TAPPER: As opposed to $400 this year.
SUMMERS: Right. So there's a person who, if they have -- if they don't benefit from the unemployment insurance, if they don't benefit from the economic growth, if they don't benefit from the EITC or the child care or the American Opportunity Credit, might be $80 behind. There's a far larger number of families, however, who will be hundreds, if not thousands of dollars ahead, because of the refundable tax credits, because of the unemployment insurance and because of the growth.
--Jake Tapper
December 8, 2010
in Current Affairs, David Axelrod, Jake Tapper, Political Punch, President Obama, Today's Qs for Obama's WH, Weblogs, White House, White House Press Briefing
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