Fannie Mae Regulator Extends HARP Refinance Program Through 2015

FHFA

Fannie Mae Regulator Extends HARP Refinance Program Through 2015

Borrowers with mortgages backed by Fannie Mae (FNMA) or Freddie Mac (FMCC) will have until the end of 2015 to obtain new loans under the Home Affordable Refinance Program, the Federal Housing Finance Agency said today.

HARP previously was scheduled to expire at the end of 2013. The program allows borrowers to cut their loan payments by refinancing at lower interest rates even if they are stuck in homes that have lost value.

More than 2.2 million borrowers have used the program so far. To qualify, homeowners must be current on their payments and have loans originated before June 1, 2009.

HARP is “a useful tool for reducing risk,” FHFA Acting Director Edward J. DeMarco said in a statement. “We are extending the program so more underwater borrowers can benefit from lower interest rates.”

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Comments
2 Responses to “Fannie Mae Regulator Extends HARP Refinance Program Through 2015”
  1. keepon says:

    Banks will continue to beat the financial b’jesus out of us and FMFM will scoop up those fleeing for safety. Now THERE’s a sales technique to teach your children! Fannie Mae: USA. USA. USA!

    The whole World is watching! Shame.

  2. Sarah says:

    Unless they take title to your house before that time. The GSEs have been the front for TBTF. They act on prevailing conditions in the rigged market place, extending and pretending when necessary. More Americans must default on their FNMA loans, refuse to participate in a system that is crushing people. This could be one way to break TBTF if our leadership refuses to do so. Non-violent rebellion has an extremely successful track record.

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