The Revised Home Affordable Refinance Program (HARP2)
housing market
HARP and Ideas For A Mortgage Principal Program
I like to clarify some misconceptions about the revised home affordable refinance program talked about in my prior post. Although the operational details are not scheduled to be released until November 15th. It’s clear that this program does not reduce the principal loan balance.
With that cleared up, it still my opinion that when the cost of administration is considered, I am very dubious that this will be a cost-effective program. Sure, it will help out some homeowners and the fact that it is a much more sensible program by having one of the qualification criteria as not being behind on your mortgage payments in the prior six months and only one late payment in the past year, for once, directs benefits to the responsible homeowners. Read more 