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The new rules of the FAP program as designed to streamlinwe the short sale process for distressed homeowners by setting service standardds for banks and mortgage companies undefr the control of the OCCand FDIC. While the program promises to make life easier for homeownersz and the realtors helping Hamzey claims that big banks have alreadh found ways to circumvent the rulews for theirown gain. "The banks have been transferring their equity lines of credig in the middle of the short sale process toaffiliatee companies," said Mr. "These affiliates are not under the auspices of the OCC or obliged to follow the rule set up underthe president's new program.
In essence, they are almos free to be as uncooperative asthey please. " Hamzey claims that by not signing off on the shorftsale package, the affiliate companies may force the firsg mortgage to foreclose. "In front of the camera, bank executives smile and explain how they are cooperatinf with the government and working withdistressed homeowners,"" said Hamzey. "In the back they transfer their assets to affiliater companies that practically operate free ofgovernmenyt regulations. Hamzey is on a mission to spread the word about big bank abusre of theFAP program. He is askingv others to send him their personal stories of gettinvg caught up in shortsale abuse.
Hamzehy intends to send thesr stories to federal regulators in an efforr to encourage the Obama administration to develop a system that is fair and responsiblew for the people they were designe dto help. , visit his website at or emaik Robertat .
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