FREDDIE MAC IS BRAGGING AGAIN!
Initiated more than 143,000 trial modifications under the HAMP program – approximately 14,000 of those were converted into permanent modifications (as of 12/31/09).
During the second half of 2009, Freddie Mac accelerated its efforts to convert more HAMP trial period loans into permanent modifications by implementing document collection and signature services, and door-knocking programs and by reaching out to distressed borrowers through local nonprofit organizations. We will continue to take extraordinary measures to keep families in their homes whenever possible through the MHA program and our own long-standing programs. In addition, we enhanced the Freddie Mac Relief Refinance MortgageSM last year - increasing in the maximum allowable loan-to-value ratio up to 125 percent and the ability to refinance through any servicer - to enable more borrowers to take advantage of the program.
( YOU MEAN BE TAKEN ADVANTAGE OF BY THE PROGRAM DON'T YOU FRED?)
Really? I hate to sound negative but Freddie is BRAGGING ABOUT A 1% CONVERSION RATE?
THEY CONVERTED 14,000 out of 143,000 to permanent modifications.
WHAT THE HECK HAPPENED TO THE 99% OF BORROWERS WHOSE DOORS YOU KNOCKED ON TO GET THEM ROPED INTO THIS PROGRAM??????????
Since its not on your website, ALLOW ME TO ELABORATE.
THEY WERE THROWN OUT ONTO THE STREET. THEY WERE AMONG THE GIGANTIC WAVE OF FORECLOSURES THAT IS DESTROYING THE REAL ESTATE MARKET you have the nerve to say you are saving!
Every hear the expression put up or shut up Freddie? Well I am telling you now, PUT UP OR SHUT UP!