Will this refinance program be any more successful than prior failures
The administration is to announce a turbo-charged HARP (Home Affordable Refinance Program) today in Nevada, the foreclosure capital of the United States designed to allow underwater homeowners who are current on their mortgage to refinance at lower rates if their loans are owned by either Fannie Mae or Freddie Mac in a streamlined process without regard to their loan to value ratio.
About 800,000 to 1 million borrowers are expected to be helped.
But we've heard all that before as the Washington Post reports, Obama's efforts to aid homeowners, boost housing market fall far short of goals.
And that is still a small percentage of homeowners and what about those homeowners who might like to refinance at lower rates but aren't qualified to do so under this program. What will we say to them.
Nick Timiraos writing at the Wall Street Journal answers 12 Questions on Obama's Refi Plan.
And I hope this plan works better but unfortunately I'm not very optimistic.