Home Affordable Refinance Program – Not All Good
Real estate news
HARP 2 – Lifeline for Some Troubled Homeowners?
The government is changing its Home Affordable Refinance Program (HARP), making it easier for homeowners to refinance their underwater, high-interest mortgages.
HARP 2 – Major Features
- Although HARP has helped more than 890,000 homeowners nationwide by reducing their monthly mortgage payments, there are still millions of homeowners who are too far underwater to participate.
- Under the new rules, homeowners who owe more than 125 percent of the market value of their homes will be allowed to refinance into new loans.
- The program also streamlines the refinancing process for homeowners who are current on their mortgage payments and reduces or removes fees that previously hindered them from refinancing.
- Fannie Mae and Freddie Mac also will reduce the fees they charged in the past to enable borrowers to better afford the new loans. Among the fees that will be reduced or eliminated are those for appraisals, title insurance, and closing costs.
- Fees also will be waived for some underwater borrowers who are refinancing into 20-year or shorter-term loans.
- HARP is only open to borrowers who are current on their payments for the past six months with no more than one missed payment in the past 12 months. The loans must have been originally issued before May 31, 2009, and purchased by Fannie Mae or Freddie Mac. Read more
Home Affordable Foreclosure Alternatives
San Diego condominium
Government Sponsored Enterprises (GSE) Fannie Mae and Freddie Mac last week released guidelines for implementing the Treasury Dept.’s Home Affordable Foreclosure Alternatives Program (HAFA). The new guidelines apply to loans owned or guaranteed by the GSEs; servicers are required to implement the new policies no later than Aug. 1. Read more
The Government and Mortgage Backed Securities
The Federal Reserve is no longer buying mortgage backed securities from Fannie Mae and Freddie Mac. Some people worry mortgage rates could rise as a result. This video explains why home mortgage rates could increase.
Los Angeles attorneys
Home Loan Giants Fannie & Freddie $126 BILLION Loss
Kenneth Posner, author of “Stalking the Black Swan: Research and Decision-Making in a World of Extreme Volatility,” talks with Bloomberg’s Lori Rothman about Fannie Mae and Freddie Mac. Fannie Mae, the government-backed mortgage company under conservatorship, was toppled by conflict between its mission to foster homeownership and profit demand it faced as a publicly traded company, former regulators said
Escondido California real estate
New Government Home Mortgage Loan Modification Program
Freddie Mac
Freddie Mac and 13 national and local non-profit organizations recently announced the launch of Freddie Mac Borrower Help Centers. The centers are designed to encourage delinquent borrowers to pursue mortgage workouts. At the centers, Freddie Mac borrowers will receive free, confidential one-on-one mortgage counseling. The company also is launching a separate Borrower Help Network which will offer similar counseling services over the phone to targeted Freddie Mac borrowers.
Fannie Mae and Freddie Mac – Walking Dead
Goodbye and good riddance says Rep. Barney Frank to Fannie Mae and Freddie Mac. In his opinion, both mortgage agencies need to be closed for good. Once that’s accomplished, the housing finance system can be rebuilt right.