Month: December 2009

HAMP Developments

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On November 30, Treasury and HUD announced a campaign to increase the number of mortgages that are converted to permanent modifications from those currently in the trial phase of the Home Affordable Modification Program. The initiatives include: (i) increased servicer accountability for modifications, (ii) additional tools for borrowers, and (iii) the engagement of state and local stakeholders to increase awareness of the program and expand resources to borrowers. Treasury Release.

Also on November 30, Treasury published Supplemental Directive 09-09 which provides guidance on and terms of the Home Affordable Foreclosure Alternatives Program. This program offers financial incentives to servicers and borrowers who utilize a short sale or deed-in-lieu to avoid foreclosure on a HAMP-eligible loan. HAMP Release. Supplemental Directive.

TALF Updates

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On November 30, the New York Fed issued revised TALF documents and FAQs. The revised documents consist of: (i) the Form of Certification as to TALF Eligibility for CMBS and (ii) the Master Loan and Security Agreement. The New York Fed also announced that all borrowers have consented to an extension by one day of the period of time in which monthly principal and interest on underlying collateral is to be distributed. MLSA. MLSA (showing changes). FAQs. FAQ (showing changes). CMBS Certification. CMBS Certification (showing changes). New York Fed Release.