Obama refinance plan helps more borrowers qualify for low-interest loans. Mortgage borrowers who do not have Fannie or Freddie loans will be eligible. The Obama Refinance Plan requires Congressional approval to become law. Editor’s Note: As of late 2012, the Obama Refinance Plan has not been.
Unfortunately, neither a new HARP 3 program, nor an improved HARP 2 program were passed into action. In a previous update from January 2014, we mentioned that there was hope that the new director of the FHFA, Mr. Mel Watt, will more aggressively push for a HARP 3 program.Many of Watt’s proposals were similar to ones proposed by President Obama in his #myrefi mass refinance program.
· The following article is written for the South Florida Law Blog by Oppenheim Law attorney Roy Oppenheim. Florida has remained in the top three of states with the highest foreclosure rate since the housing market collapsed in late 2007. Even scarier for distressed homeowners is the fact that Florida is a recourse state, permitting lenders to seek deficiency judgments for [.]
Following up on plans the President hinted at in his State of the Union address, as well as the HARP 2.0 mortgage program announced late in 2011 and the expansion of the HAMP program announced in.
The Home affordable refinance program (harp) was established by the Federal Housing Finance Agency (FHFA) under the Obama administration in March of 2009 in response to the housing bubble burst of 2008.
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WASHINGTON (Reuters) – The Obama administration on Wednesday argued. Nearly 3 million homeowners have refinanced under the HARP program, including close to 1 million who owed more than their home.
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HAMP. The Home Affordable Modification Program (HAMP) is a government program introduced in 2009 to respond to the subprime mortgage crisis.HAMP is part of the Making Home Affordable program (MHA), established in concert with the Hardest hit fund program (HHF) under the Troubled Asset Relief Program (TARP), a part of the emergency economic stabilization Act of 2008.
This program is described on the official site for borrowers who want to lower monthly mortgage payments, "making them more affordable and sustainable for the long-term". The Home Affordable Refinance Program (HARP) The HARP program is for homeowners who are current on mortgage payments but, "have had difficulty refinancing".