Monday, October 24, 2011

HARP changes allow more underwater refis

by Sarah Jawaid, National Housing Conference

Today, the Federal Housing Finance Agency (regulator of Fannie Mae and Freddie Mac) announced changes to the Home Affordable Refinance Program (HARP) to reach more struggling homeowners with refinancings.  President Obama alluded to these changes in his jobs bill speech before a joint session of Congress last month-details were just announced this morning.

Changes for loans owned or guaranteed by Fannie Mae or Freddie Mac include eliminating the 125 percent LTV ceiling, reducing loan-level price adjustments, reducing fees overall and especially to encourage shorter-term loans. For more details, see FHFA's press release. Read more on the Washington Post article here.

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