Word: hampe
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Dates: during 2000-2009
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...report, issued by Washington's Center for Public Integrity, found that at least 21 of the top 25 firms taking part in the Home Affordable Modification Program, or HAMP, were heavily involved in the frenzied lending that led to the subprime blowup. The firms originated or serviced subprime loans, or both. (See which businesses are bucking the recession...
...list of firms expected to get HAMP subsidies reads like a Who's Who of major subprime lenders and loan servicers, including financial institutions that have already received big bucks in the government's bank bailout. Countrywide, which is now owned by Bank of America and was one of the country's biggest subprime lenders, may receive up to $5.1 billion in incentive payments to modify loans...
...alternative to HAMP would be the proposed "cramdown" legislation, whereby a bankruptcy judge would be given carte blanche power to modify a loan by lowering the interest rate, reducing the principal amount or extending the term of the loan to make the monthly mortgage payments more affordable to the troubled homeowner. Under this program, firms would not get the big subsidies, since the judge would be acting unilaterally in modifying the loan. (See how Americans are spending...
...result, Curran believes the HAMP program is probably the most effective way to stop foreclosures, at least in the short term...
...from dawn until dusk. "It's insane, isn't it?" he says. But despite Ford's light touch, there is a sense of destiny in the air these days at his company. "This is a great American story, and the last chapter has not yet been written," says Steven Hamp, Ford's brother-in-law and chief of staff. "The outcome matters not just to our company but to our country. It's time to get inspired, strap on our guns and kick some butt...