HAMP Investor Incentive Payments – Know the Truth
As the 25th was on a Sunday, the CoreLogic LoanPerformance data for the March 2018 remittance will be delivered tonight. The first delivery should bring us data on 75% of the deals they track. We will have an initial commentary out tomorrow. In the meantime, attached is more information on the HAMP Investor Incentive Payments that we have been trying to account for.
As discussed in our March 22nd commentary, the loan-level data and the remittance reports suggest that many of these HAMP investor incentive payments due investors have never been remitted, partially remitted or incorrectly remitted. We did find evidence that some of these investor incentive payments had been remitted accurately and timely. Trustee reporting ranges from good to non-existent. The good reporting suggests there could be a problem. This is real money ($9.6 billion), paid by the U.S. Treasury to the servicer for reimbursing investors. We think bondholders have the right to know the truth. We include 8 examples that are worth reviewing.
Contact us at 203-276-0672 to become a client and access all reports and attachments.