Home Affordable Refinance Program
October 24, 2011 by staff
Home Affordable Refinance Program, The proposed changes to the Home Affordable Refinance Program (HARP) will be made by President Obama today, when the government takes action to help homeowners keep their homes.
As the housing sector remains stuck in a slump and housing prices have eroded quickly, the White House said he had to take all measures alone could to help the weak economy, reports AFP .
President Barack Obama was scheduled for more details on the new program in a speech later on Monday in Nevada, where the housing slump has beaten harder.
The program aims to prevent those who owe more on their home loans are actually worth – leaving them “underwater” on their mortgages – the default and abandonment of properties.
The Federal Housing Finance Agency (FHFA), along with mortgage finance state-controlled Fannie Mae and Freddie Mac, to reduce or eliminate insurance rates that had hindered the refinancing under the original harp, AFP reports.
Also remove the current 125 percent loan-to-roof house value on Fannie and Freddie-backed mortgages, and waive certain requirements for lenders that had discouraged their participation in the refinancing.
In addition, the program has been extended for another 18 months until the end of 2013.
“We can not expect Congress to act, so we will take steps as we can,” said White House communications director Dan Pfeiffer, reported AFP.
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