February 12, 2010
An article, "Credit Suisse Report Forecasts Continuing Challenges for National Mortgage Market," published in Daily Report for Executives and BNA's Banking Report quoted partner James M. Keneally regarding modification to HAMP (Home Affordability Modification Program). HAMP reduces monthly mortgage payments by requiring participating lenders to lower the monthly mortgage payments to 38 percent of borrowers' gross monthly income. The article explained that the HAMP program matches with the lender the money required to lower the monthly mortgage payment to 31 percent of borrowers' monthly income for five years. It stated some regulators and other housing specialists believe programs to curtail foreclosure require principal reduction. Mr. Keneally stated, "while he understands the argument concerning the sanctity of contracts as a reason to reject principal reduction or forgiveness, he also said information about who received the loan and under what circumstances could materially affect decisions on whether to permit the government to forcibly alter mortgage terms, including the amount of principal outstanding."Kelley Drye
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Partner James M. Keneally Quoted in Daily Report for Executives and BNA's Banking Report on HAMP Recovery
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