http://www.usnews.com/news/blogs/home-front/2013/04/11/fannie-freddie-relief-program-for-underwater-mortgages-extended
More help is on the way for homeowners with underwater mortgages after the Federal Housing Finance Agency announced Thursday it would extend a popular federal refinancing initiative for another two years.
The Home Affordable Refinance Program, or HARP, was set to expire at the end of the year, but will now be available to homeowners with Fannie Mae- and Freddie Mac-backed mortgages through the end of 2015. The program allows borrowers with negative equity to reduce their monthly housing payments by refinancing at record low interest rates.
Since launching in April 2009, more than 2 million homeowners have refinanced their loans through HARP, a number the FHFA hopes to increase by extending the life of the program.
i think it's only right since the government at the time allowed wall street carte blanche on unsuspecting dreamers of a piece of the American dream and knowing they couldn't maintain the contract, dashed their hopes on the rocks of big business.
when you can do over and correct a manipulative effort to get rich quick at "we the people's" expense the gov't IMO has a fiduciary responsibility to it's citizens to keep them safe from those who would exploit their dreams.
We are extending the program so more underwater borrowers can benefit from lower interest rates," FHFA Acting Director Edward DeMarco, said in a statement.Eligibility requirements for the program will remain the same. Loans refinanced through HARP must be guaranteed by Fannie Mae or Freddie Mac and must have a loan-to-value ratio greater than 80 percent. Borrowers must also be current on their mortgage payments with no missed payments in the past six months and no more than one late payment during the past year. Due to variables including the path of interest rates, borrower willingness to go through refinancing, and the number of lenders and servicers who choose to offer HARP refinances, it's difficult to nail down how many borrowers could potentially benefit from the HARP program.
this is so the right wing opposers no that the gov't isn't giving them gifts that none of them can say what their input would be assuming they are not one of those they want to deny any assistance to, we all know that people argue against their own interest just to oppose. also didn't the republicans try and make Fannie and Freddie Mac the devil in disguise that in their lies brought the housing bobble to a burst?
