American Home Mortgage Servicing, Inc. (AHMSI) today announced its participation in the Home Affordable Modification Program (HAMP).
I am not sure if the ACORN ordeal with AHMSI had promted this press release or what? In case you didn’t catch that news, here is a link and quote from a recent article explaining ACORNS beef with Obama.
Attention homeowners: Join LoanSafe.org and a community of over 17,000 homeowners. Enter the American Home Mortgage Servicing Forum and tell your story!
ACORN Blasts Obama for Choice of Fund Manager in Toxic Asset Program
The Association of Community Organizations for Reform Now is objecting to the Treasury Department’s selection of billionaire investor Wilbur Ross to be one of nine fund managers for the Public-Private Investment Program for toxic assets, or PPIP.
Ross, whose firm is now a subsidiary of Invesco, plans to commit about $1 billion to the government’s program, with the money split between purchases of loans and mortgage-backed securities.
ACORN, though, called Ross a “home wrecker” because his mortgage company, American Home Mortgage Servicing, had not joined Obama’s “Making Home Affordable” program, which aims to prevent 4 million foreclosures by modifying mortgages to affordable terms.
American Home Mortgage Servicing, Inc. Joins the Department of the Treasury’s Home Affordable Modification Program
COPPELL, Texas–(BUSINESS WIRE)–American Home Mortgage Servicing, Inc. (AHMSI) today announced its participation in the Home Affordable Modification Program (HAMP), a key component of the President Obama administration’s Making Home Affordable Program to help struggling borrowers reduce their mortgage payments to affordable levels.
In connection with AHMSI’s participation in HAMP, the Treasury has allocated a cap of $1.272 billion as interest rate subsidy and incentive payments, which potentially can be earned by AHMSI, borrowers, and investors of successfully modified loans under HAMP.
“We’re extremely pleased to have worked through many details of the program with the Treasury and its financial agent, Fannie Mae. They have been very cooperative and professional partners in this process. We are glad to be a part of the program,” said David Friedman, CEO. “HAMP is generally consistent with the approach we had been using to prevent avoidable foreclosures.”
During the 12 months ended June 30, 2009, AHMSI completed more than 64,000 loan modifications, including nearly 37,000 in the first six months of 2009. This number of modifications represents more than 15 percent of AHMSI’s entire portfolio and more than 50 percent of the average 30+ delinquency.
At the end of May 2009 and based on the prior 18 months of data, almost 72 percent of borrowers whose loans were restructured are current after six months. This compares with reported industry averages of less than 60 percent and is due to AHMSI’s loan modification approach of tailoring borrowers’ monthly payments to an affordable amount, based on verifiable income and expense information provided at the time a loan is reviewed for modification. Friedman indicated that AHMSI will continue to use this methodology within the context of HAMP. Furthermore, in 86 percent of AHMSI modifications, borrowers experienced a payment reduction. The average reduction was $544, or 30.5 percent. The company anticipates that loan modifications under HAMP will likewise result in similar payment reductions for borrowers.
About AHMSI
Established in April 2008 by WL Ross and Co. LLC., AHMSI is one of the country’s largest residential mortgage loan servicers of Alt-A and sub-prime loans. The company is headquartered in Coppell, Texas, and operates as well through locations in Irvine, California; Jacksonville, Florida; and Pune, India. As of June 30, 2009, it serviced a portfolio of more than $102 billion.
Contacts
American Home Mortgage Servicing, Inc.
Christine Sullivan, 949.790.3600 x35204
christine.sullivan@ahmsi3.com
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{ 4 comments… read them below or add one }
We have a loan modication done. We thanks you all for working with us. But right now are home is needed work on it.
Our roof is leaking, we need new windows,our floors are bad,and very much in need of a new a/c unit. I have apply for help but I need our warranty deed from you all. I try calling but I am unable to get through. please can you help. thank you
AHMSI refuses to help us with our Option ARM. They will be putting my wife and I and our two twin babies out on the street. If there is anyone out there that can help us please let me know.
AHMSI you can kiss my dirty ass.
We did everything neede to get a remod of our mortage.
We were waiting on bankruptcy court to send letter of aproval
so we could get this done ,then you ass holes decided that it took to long, and told us we would have t0 start all over agine in the aplication process, It didnt surprise me none with this shitty tacktic, due to your poor ass coastmer service, the call service where you talk to people from Indea,
AHMSI is a joke. We have been trying to negotiate a loan mod for months, you guys jerked us around and blew us off. It is clear to me that you would like nothing better than to take our home from us. We are good customers..never late, never missed a payment but yet you won’t renegotiate the terms of our ARM. Property values have decreased making it impossible to get a re-fi. It seems you have us exactly where you want us. The HAMP program is a SCAM!!!