The Obama administration announced Monday that it will try and expand HARP, the Home Affordable Refinance Program, to reach to at least one million more people. HARP was introduced in 2009 to help underwater borrowers refinance their mortgages. At the time the administration predicted HARP would help millions of homeowners. But after two and a half years, less than 900,000 homeowners have refinanced under HARP. New changes to HARP will make it possible for homeowners whose mortgages are severely underwater to participate.
Chris Mayer, senior vice dean of Columbia Business School and professor of real estate, discusses how these changes will be felt by homeowners.
To see if your mortgage is owned by either Fannie Mae or Freddie Mac, follow the links.
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The show is a co-production of WNYC Radio and Public Radio International, in collaboration with New York Times Radio and WGBH Boston.
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Comments [6]
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I am a single mother with kids in college. I pay 1000.00 monthly mortgage note and need help in reducing my monthly rate to make ends meet. I don't want to burden the children with all this and will begin a second part time job. I want more options than selling my home.
I went thru our mortgager Wells Fargo., and they did the HAMP modicfication for us. Our payment for P&I was 979.00 mo..NOW its $411.00 a months., plus they took off 26,000 or so off the principle. And our interest rate went to 2 percent for 5 yrs and on the 6th years goes to 3.456 for the remainer of the mortgage. I cant say how happy we are., to be able to afford and keep our home. Thanks Pres.Obama we appreciate your concern and effort to keep Americans in their homes..:)
PLEASE HELP ME AND MY FAMILY. WE ARE A FAMILY OF FOUR AND WE WANT TO KEEP OUR HOUSE. I KNOW THERE IS MONEY OUT THERE THAT OBAMA HAS SET TO RELIEVE FAMILIES LIKE US.
I am part of a group of homeowners, though I don't know how large, that are not underwritten by Fannie or Freddie and are therefore not eligible for help even under the new HARP rules. Thankfully my husband and I are still employed and able to make ends meets, but we got suckered into a bad refinance in 2006 right before things started to turn (our fault), and now we are paying interest rates over 8% on a 1st and 2nd, and our home is worth less than half of what we owe. I'm not talking anything big here - we owe about $150k and the home is worth less than $75k. I live in a decent neighborhood north of Detroit, and have no hope for help from any government agency. Both of my loans are "serviced" by the same company, but they can't tell me who owns my loan as it's likely mulitple investors (after it was sold off shortly after the refi in 2006) - and "they" won't allow a modification to my mortgage unless I default. No hope.
Interesting how a government program called HARP is now being used to solve the massive crisis caused by another government program called the Community Reinvestment Act.
Is there a trend where "progressive" government regulators cause a crisis in the private sector and then creates another program to solve it?
And all the hapless public has to do is give up more of their liberty.
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