HARP Now Expected to Reach Twice as Many Homeowners
Filed under: News, Refinancing
The expanded Home Affordable Refinance Program will likely reach more underwater borrowers than its architects originally thought.
“We said we would double the number from what we’ve already done under HARP, which would mean we’d do another 900,000 under the expanded program. I think we’re actually trending above that now,” said Andrew Bon Salle, head of the Fannie Mae underwriting and pricing group, in an interview.
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The Federal Housing Finance Agency eased HARP eligibility requirements last year for Fannie Mae and Freddie Mac mortgages. It reduced upfront fees, eased buyback risk and eliminated the 125 percent loan-to-value ratio ceiling. Most banks implemented the changes in March.
Read more on this story at HousingWire.
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Source: http://realestate.aol.com/blog/2012/06/25/harp-architects-expect-to-reach-1-million-more-homeowners/
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