HARP | FORECLOSURE FRAUD | by DinSFLA

Tag Archive | "HARP"

Adam Levitin | Make The Banks Pay

Adam Levitin | Make The Banks Pay


Obama and the AGs still balk at the only solution to the housing-driven recession

Salon-

There is $700 billion in negative equity in the U.S. housing market. That means Americans owe $700 billion more than their homes are worth. Any plan for the housing sector or the U.S. economy, that doesn’t take a serious bite out of negative equity isn’t serious.

Yet un-serious is what we continue to get from elected officials. This week the Obama Administration announced a new plan to help underwater homeowners refinance their mortgages to lower rates.  The plan, really an expansion of an existing program, is the latest in a series of programs designed to deal with the moribund housing market. Each has proven a more dismal disappointment than the next.

So too with the latest version of the proposed settlement between the state Attorneys General, led by Iowa’s Tom Miller, and the mortgage servicing industry. Yes, the deal has been sweetened by the addition of some interest rate reductions for underwater homeowners who are current on their payments. But that’s small potatoes.

[SALON]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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FHFA, Fannie Mae and Freddie Mac Announce HARP Changes to Reach More Borrowers

FHFA, Fannie Mae and Freddie Mac Announce HARP Changes to Reach More Borrowers


For Immediate Release

Contact: Corinne Russell (202) 414-6921
Stefanie Johnson (202) 414-6376

October 24, 2011

 

 

.

FHFA, Fannie Mae and Freddie Mac Announce HARP Changes to Reach More Borrowers

 

Washington, DC – The Federal Housing Finance Agency, with Fannie Mae and Freddie Mac (the Enterprises), today announced a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing their home mortgage. The program enhancements were developed at FHFA’s direction with input from lenders, mortgage insurers and other industry participants.

[…]

The new program enhancements address several other key aspects of HARP including:

  • Eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages and lowering fees for other borrowers;
  • Removing the current 125 percent LTV ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac;
  • Waiving certain representations and warranties that lenders commit to in making loans owned or guaranteed by Fannie Mae and Freddie Mac;
  • Eliminating the need for a new property appraisal where there is a reliable AVM (automated valuation model) estimate provided by the Enterprises; and
  • Extending the end date for HARP until Dec. 31, 2013 for loans originally sold to the Enterprises on or before May 31, 2009.

Questions I would ask if I’m eligible for and accept the Home Affordable Refinance Program (HARP)

[ipaper docId=70175625 access_key=key-16n4zqw7ljvrl3tap6lp height=600 width=600 /]

 

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Questions I would ask if I’m eligible for and accept the Home Affordable Refinance Program (HARP)

Questions I would ask if I’m eligible for and accept the Home Affordable Refinance Program (HARP)


1. Will the HARP process be anything like the disastrous HAMP?

2. What happens if there is fraud within my current loan documents? Will I waive any rights?

3. I don’t want my documents Robo-Signed. Will Mortgage Electronic Registration System Inc. (MERS) be named in my refi loan package?

4. If so, What will happen if I reject MERS? Will I no longer be eligable for HARP?

5. If I am forced to have MERS on my loan, will it be disclosed that both Fannie Mae and Freddie Mac along with most mortgage lenders are shareholders of MERS?

6. Will it be disclosed to me who is the Owner & Holder of my note, Including the name of the trust that it’s in, if there is any?

I am not an attorney but I highly recommend you seek the advice of an attorney who has been fighting for homeowners before signing into a refi.

Do The Math. If you’re 50-90% Underwater, is a savings of $200.00 off your mortgage really going to help you?

HARP is heading towards a failure and to cater to the wealthy only. Has anything worked for you? NO.

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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