THE PROBLEM For years, FHA has allowed existing homeowners with FHA insured loans to refinance to new rates without an appraisal. Similar to HARP, FHA streamline refinances have traditionally allowed homeowners to take advantage of lower rates with relaxed guidelines on home value. Without any new stimulus bills, speeches from the president, or elaborate media [...]
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The Federal Housing Finance Agency (the government agency responsible for regulating Fannie Mae and Freddie Mac) published a news release today detailing its plans to improve the Home Affordable Refinance Program (HARP). These changes are in keeping with President Obama’s September 8th speech declaring pending improvements to the program. The Wall Street Journal published [...] On his September 8th speech, Obama pledged to work on a new refinance program that will lower homeowners payments and put more money in their pockets. Sound familiar? It should because the Making Home Affordable movement has two refinance programs and a modification program. So what will make this one different? We haven’t [...] In October of 2010, I wrote a post on the difficulties homeowners have faced when trying to refinance under the Making Home Affordable Refinance Program (HARP) if their loan had private mortgage insurance. The original post can be found here. Recently, I was interviewed by Bloomberg.com on the topic. Here is an excerpt of [...] As we get closer to a potential government shut down, I’ve seen several reports on how this will affect the housing market and the mortgage industry. Some of the information is accurate but there are some consequences that have not been mentioned. The largest impact will be directly to mortgage loans that are being contracted [...] |
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