HAMP 2 – New Boss same as the old boss

The government is up to some really weird things in mortgage land as Mandleman Matters tells us in this post on Hamp 2 is here – Some say it’s the best HAMP yet, and they’re probably right about that. Put your irony filter on wide band receiving about now…

In the “no improvement whatsoever” category, none of this applies to GSE mortgages, or those insured or guaranteed by the Veterans Administration, and except as specifically noted in the Supplemental Directive, insured or guaranteed by the Department of Agriculture’s Rural Housing Service (RHS) or the Federal Housing Administration (FHA).

And just to make absolutely sure that the irony is not lost on anyone even for a moment…

Of course, the government loans won’t be participating in the government program. 

Yes, the only loans that are NOT going to participate in the government’s program are the loans owned or guaranteed by the government.  And if you’re okay with that sentence, then it’s just me and I better go lie down because I think I may have stepped into a Hunter S. Thompson or Kurt Vonnegut novel.

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