HAMP HAFA & CMIS

The Creation of HAMP Mortgage Modifications

CMIS was established by Rich Rydstrom and Wil Leroy (CEO AFN) with the general counsel of Andrew Sherman of Dickstein Shapiro (DC) to help reconcile disparate interest to resolve the Great Recession. Prior, in 2006, Rich Rydstrom, Esq. released a predictive article regarding Naked Seconds estimating billions in losses and a crash of the secondary and shadow banking mortgage system. Rydstrom was asked by Chairman Charles Rangel of the House Ways & Means Committee, to give a statement to Congress from a neutral standpoint considering all sides. By January 2007, Rich Rydstrom gave his predictive Statement with Solutions to the 110th Congress creating what Wil Leroy (CEO of AFN) and Standard and Poors (Michael G.) called the Bible for Mortgage Modifications, First and Second Lien Mortgages, Lien Servicing, Secondary and Shadow Banking systems, and related Tax Regulation solutions to the Great Recession.  Wil Leroy and Rich Rydstrom engaged the financial and mortgage community and led the debate on new Servicing Best Practices.

When the U.S. Treasury was establishing national policy on mortgage modifications, servicing  and foreclosures for President Obama’s Home Affordable Modification Program (HAMP), Rydstrom served directly to the U.S. Treasury and also served on the official working groups with the American Legal & Financial Network (AFN), MBA, consumer groups and banking institutions.

When the 110th Congress wanted a neutral analysis of the predictive mortgage finance meltdown, Rydstrom was chosen to give an official Statement to the House Ways & Means Committee. When the AFN wanted to educate its mortgage banking servicers on the U.S. Treasury’s first HAMP outline, they chose Rydstrom.

HAMP and HAFA were created with direct input by Rich Rydstrom to the US Treasury, as well the efforts of CMIS and Wil Leroy, CEO of the AFN, throughout the financial banking industry with all major banks, credit unions, Servicing companies, and GSEs (Fannie and Freddie) participating. Rich Rydstrom, Esq. made landmark case law in California (West v. J P Morgan Chase Bank) establishing duties on lenders and servicers, and defining the rights of borrowers to sue based upon violations of HAMP/HAFA guidelines/regulations and public policy to support all state court causes of action, and establishing California Unfair Trade Practices standards under B&P 17,200 et seq.
Around the time of the expiration of HAMP, the Coalition's work ceased. HAMP was implemented and case law and servicer guidelines were implemented.

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