Undeterred by the dismal performance of HAMP, the administration is now pushing ahead with HARP, the Home Affordable Refinance Program
, which targets those whose mortgages are underwater, but not in immediate danger of foreclosure.
On to the Federal Housing Finance Agency (FHFA), whose director, MEL WATT, said in early March that the Home Affordable Refinance Program
(HARP) can't go on ad infinitum.
18 September 2012 - By participating in the Federal Housing and Finance Administration's Home Affordable Refinance Program
, Regions Bank (NYSE: RF) has helped more than 6,000 homeowners refinance their mortgages during this time of exceptionally low interest rates.
Although many credit unions may not have realized it, the second version of the federal government's Home Affordable Refinance Program
is a more workable and beneficial for both borrowers and credit unions than its predecessor, according to housing finance executives at credit unions that have begun making the loans.
The lower earnings forecast for servicers was driven by portfolio runoff, higher compliance costs and declining mortgage profitability, as the opportunity associated with the Home Affordable Refinance Program
(HARP) declines, KBW analysts said.
15 May 2012 - US Bank of the West said on Monday that the number of loan applications by homeowners willing to reduce their interest rates under the second Home Affordable Refinance Program
(HARP) will represent 20% of all mortgage applications by the end of 2012.
The changes to the Home Affordable Refinance Program
include removing the current 125% loan-to-value ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac; waiving certain representations and warranties that lenders commit to in making loans owned or guaranteed by Fannie and Freddie; eliminating the need for new property appraisals in some refinancing transactions; and extending the end-date for the program from June 2012 to Dec.
Corr noted that Home Affordable Refinance Program
(HARP) loans for high-loan-to-value (high-LTV) mortgages continued their resurgence in the August data.
Additionally, the Home Affordable Refinance Program
aims to help four to five million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac who are current on their mortgages to refinance into more affordable monthly payments.
This drop in interest rates, coupled with expanding loan programs such as the Home Affordable Refinance Program
(HARP), HARP 2.0, Federal Housing Administration (FHA) Streamline Refinance programs and various state and local bond programs, greatly expanded the pool of borrowers eligible for home refinance and purchase.