New York, NY (PRWEB) September 27, 2013
Distressed debt investment firm Apollo Financial Group quietly offers sustainable loan modifications for borrowers as the Federal Housing Finance Agency ramps up its media campaign to promote refinancing for underwater homeowners.
Even though statistics have shown almost half of the home loans modified under the TARP Home Affordable Modification Program(HARP) have re-defaulted at a huge cost to U.S. tax payers that the FHFA plan to increase promotion of the program to attract more borrowers.
The Mortgage Bankers Association reporting on September 23rd, 2013 shows the move by regulators comes hot on the heels of data being published that shows a 54% drop in HAMP applications between May and September 2013. Bloomberg further commented that HAMP loans have made up 40% of all refinance activity.
While more lending activity may be good for banks and the economy HAMP initiatives have proven to be extremely costly to tax payers and communities. Bank Digest and the Dodd-Frank News Center report that while over $815 million of TARP money was spent on the program as of April 2013 over 306,000 of the 865,000 participants had already re-defaulted pushing borrowers to seek private sector loan modifications or falling into foreclosure.
According to data from DistressedPro.com which pools figures from over 7,000 U.S. banks the foreclosure crisis is far from over. Polling of the numbers for the second quarter 2013 show these banks still have over $210 billion in non-performing home loans on their books. This is in contrast to just 3% of this amount being seen by the public in the form of REOs. This is just the residential side, which accounts for only around 30% of all delinquent loans and foreclosure properties.
Senior Partner at Apollo Financial Group, Ricky Brava doesn’t see this as a reason to panic, but did say “American tax payers, home buyers and owners, and investors need transparency to make educated and profitable decisions”.
Apollo Financial Group has been working to solve this crisis through both a national event series educating investors on distressed debt investing and acquiring non-performing home loans and providing sustainable loan modifications for borrowers. Mr. Brava calls this a “win-win-win” solution.
Acquiring notes like, or in conjunction with Apollo is a way to cure foreclosures and offer sustainable modifications; allowing the home owner to stay in place, and investors to earn a superior rate of return on their investments.
This benefits banks, homeowners, investors and the greater economy and public, without regular tax payers gambling on another temporary fix. Still Apollo Financial Group is clear on the fact that it is critical for investors to know what they are getting into, and puts a high emphasis on due diligence.
More information can be found on the site or through the event series being put on by Apollo. For details visit http://apollofinancialgrp.com