Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Federal Mortgage Program Extended
Federal Mortgage Program Extended
By NICK TIMIRAOS
<...>
The Home Affordable Refinance Program, or HARP, allows homeowners with loans backed by the mortgage-finance companies to refinance even if they don't have any equity. So far, more than two million homeowners have refinanced under the program. HARP had been set to expire at the end of this year, but the Federal Housing Finance Agency said Thursday that the program would now run through 2015.
<...>
The Obama administration rolled out HARP in early 2009, and the program was initially set to end on June 10, 2010. In addition to extending the end date of HARP several times, the program has undergone a series of overhauls in a bid to reach more borrowers amid disappointing initial results.
The administration and the FHFA made changes to the program in late 2011, and the program has produced better results since then. Previously, HARP had been limited to loans that were no more than 125% of the home's current value, and lenders were reluctant to refinance many underwater mortgages because of that cap and other technical hurdles.
Last year, more than one million homeowners refinanced through HARP, matching the volume for the previous three years. Of those one million borrowers, at least 44% of them were underwater.
http://online.wsj.com/article/SB10001424127887324695104578416552572303838.html?mod=GibsonDunn
By NICK TIMIRAOS
<...>
The Home Affordable Refinance Program, or HARP, allows homeowners with loans backed by the mortgage-finance companies to refinance even if they don't have any equity. So far, more than two million homeowners have refinanced under the program. HARP had been set to expire at the end of this year, but the Federal Housing Finance Agency said Thursday that the program would now run through 2015.
<...>
The Obama administration rolled out HARP in early 2009, and the program was initially set to end on June 10, 2010. In addition to extending the end date of HARP several times, the program has undergone a series of overhauls in a bid to reach more borrowers amid disappointing initial results.
The administration and the FHFA made changes to the program in late 2011, and the program has produced better results since then. Previously, HARP had been limited to loans that were no more than 125% of the home's current value, and lenders were reluctant to refinance many underwater mortgages because of that cap and other technical hurdles.
Last year, more than one million homeowners refinanced through HARP, matching the volume for the previous three years. Of those one million borrowers, at least 44% of them were underwater.
http://online.wsj.com/article/SB10001424127887324695104578416552572303838.html?mod=GibsonDunn
