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Senators Propose Homeowner Advocacy Office for HAMP Grievances

Although the Treasury Department has vowed to hold mortgage servicers publicly accountable for their adherence to Home Affordable Modification Program (HAMP) guidelines, some senators want to go one step further.

They have proposed establishing a new federal agency as a means of recourse for “families who face foreclosure but believe their mortgage servicers are breaking the rules,” as Sen. Al Franken (D-Minnesota) put it.

The Homeowner Advocate Act of 2011 (S.690) would create an Office of the Homeowner Advocate for the purpose of protecting homeowners seeking mortgage modifications through HAMP.


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HAMP Homeowner Advocacy

Badly needed for homeowners falling through the cracks with HAMP. My experience has been that since HAMP is short term (due to end in Dec of 2012), most mortgage servicers are using temps with little or no industry knowledge led by managers and underwriters that have not been trained or taken the time to know, understand and properly implement HAMP guidelines. Homeowners have no recourse when a bad decision is rendered. Advocacy is needed because mortgage servicers ARE breaking the rules. Adherence needs to be held accountable from the ground level grunt work to the high level administrators with enforcable penalties to the servicers as a whole that are not "getting it right". I agree. It is infuriating to have programs with good intentions being abused so bad that watchdogs are needed to ensure guidelines are being followed correctly. We are living in unprecedented times however in my opinion, advocacy should have been included as part of the program from the beginning.

That's just great:

Another agency to screw things up and find a way to steal more from everyone. What needs doing is to go through and lock these bastards up that created this mess and make an example of them all.
I'm so ticked about all of this I can't type right.
NOOO Don't hold anyone accountable. Lets create a whole new bureaucracy to twist and spin this criminal activity to a new level with the eventual outcome taking the personal wealth and property from everyone but the privileged few.

I love my country
I am appalled by my government