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March 14th, 2011

HARP extended for another year

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Refi ApplicationJust last month we reported that the Mortgage Bankers Association (MBA) called upon the Federal Housing Finance Agency (FHFA) to extend HARP’s deadline to December 2012 when HARP’s sister program HAMP is set to expire.

-Read the full letter MBA President and CEO John Courson’s wrote to the FHFA here-

While the MBA didn’t get the exact expiration date they were looking for, the FHFA just announced they’re tacking on an extra year to HARP, giving it a new expiration date of June 30, 2012:

Federal Housing Finance Agency Acting Director Edward J. DeMarco has announced an extension of the Home Affordable Refinance Program (HARP), a refinancing program administered by Fannie Mae and Freddie Mac, to June 30, 2012. The program was set to expire on June 30 of this year. In addition, Fannie Mae and Freddie Mac will make the following adjustments to their programs: Freddie Mac will exempt HARP loans from their recently announced price adjustments and Fannie Mae will conform their eligibility date to May 2009.

The program expands access to refinancing for qualified individuals and families whose homes have lost value. HARP has grown over the past year. Through 2010, Fannie Mae and Freddie Mac purchased or guaranteed more than 6.8 million refinanced mortgages. Of this total, 621,803 were HARP refinances with LTVs between 80 percent and 125 percent. This is up from 190,180 in 2009, when HARP began.

-Read about our plan to help underwater borrowers refinance-

For more information:

Understanding HARP’s stumbling blocks will increase your success
MBA calls for HARP extension until 2012

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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