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2012-02-02 15:16:44
Obama Refi Plan Would Help Non-GSE Backed Borrower

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 Obama Refi Plan Would Help Non-GSE-Backed Borrowers

In the details released today, President Barack Obama fleshed out a proposal he announced in his State of the Union speech to boost the housing market by helping more underwater home owners than are currently being served by lenders.

The President said he wants to make the federal government's existing mortgage refinance program, called HARP (Home Affordable Refinance Program) available to more home owners. It's currently available to struggling borrowers with loans backed by Fannie Mae and Freddie Mac. For these borrowers, incentives are provided under certain conditions to make refinancing more attractive.

Key points:

1.) More underwater home owners would be able to tap federal refinance assistance than can do so today,

2.) mortgage servicers would be restricted in their ability to foreclose until after they’ve exhausted efforts for borrowers who’ve make a good-faith effort to modify their mortgage, and

3.) efforts to reduce the inventory of foreclosed homes through bulk sales to investors for use as rental housing would be tried in a pilot program.

Under the new proposal, HARP would be expanded to include borrowers with loans that aren't backed by Fannie and Freddie. These are the borrowers whose loans were securitized in private-label securities without any federal backing, and they would be allowed to refinance into FHA-backed loans, the same as the Fannie and Freddie borrowers. The administration has estimated that borrowers would save $3,000 a year in mortgage costs.

To be eligible, borrowers would have to READ MORE

 

Daily Real Estate News | Wednesday, February 01, 2012

By Robert Freedman, REALTOR® Magazine

 
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