HARP extended for another yearby Tim Manni
Just 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.
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.
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