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Have you entered the Kafkaesque world created by GMAC and other lenders to confound applicants to the HAMP arm of the President's "Making Home Affordable" program? Two excerpts from my July 4 letter:

GMAC’s HAMP application process, utterly severed from HAMP guidelines yet claiming strict adherence to them, is a shell game for which GMAC is accountable to no one. In my case, GMAC repeatedly invoked "HAMP guidelines" in rejecting "HAMP guidelines" supplied by its own agents! Each time, GMAC simply concocts new "HAMP guidelines" out of thin air, always to my disadvantage. GMAC denies this state of flux, but the fact is that nothing I've heard previously from GMAC agents ever applies NOW.

Looking back over the past 14 months, I see that GMAC has led me on a wild goose chase whose only desired outcome was to milk me for more full monthly mortgage payments until GMAC lowers the foreclosure boom. Indeed, two days ago GMAC asked me to send in still another HAMP application, suggesting that I may yet qualify for a modification.

I encourage HAMP applicants to write the President about HAMP. To see the full letter, click "There's more...".  

My open letter to the President is posted here, at Scribd.

I'm distributing copies to government and non-profit officials. I will be doing outreach to real estate reporters.

I believe the problem of lender mendacity in HAMP is souring tens of millions of Americans – investors and financial professionals as well as at-risk homeowners – on the nation’s financial system and against the Obama administration as well.

Something needs to be done.

Originally posted to Inside the Belly of the Mortgage Loan Mod Beast on Sun Jul 04, 2010 at 05:59 AM PDT.


This letter to President Obama about Lender Mendacity . . .

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