Obama to renew push for wider mortgage refinance plan

Watchdog Critiques Obama’s Mortgage Plan. The Obama administration’s housing rescue plan is a step in the right direction, but the plan certainly isn’t without its downfalls, said a congressional oversight panel in a report released Friday. The $275 billion plan, announced on February 18, aims to prevent unnecessary foreclosures through obtaining.

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Obama Mortgage Refinancing Plan by Robert Regehr T he Home Affordable Refinance Program (HARP) has been a disappointment for many homeowners hoping to take advantage of today’s lowest mortgage refinance rates .

The Obama administration is pushing forward a refinance plan to help homeowners whose loans aren’t owned by Fannie Mae or Freddie Mac. The new program has gone by many names, from HARP 3.0 to #MyRefi to "A Better Bargain for Homeowners." Unfortunately, it’s not available yet.

Obama’s Plan. Following are highlights of President Obama’s plan to reduce mortgage foreclosures. Allow an estimated 4 million to 5 million currently ineligible homeowners who get their mortgages through Fannie Mae or Freddie Mac to refinance at lower rates.

The Problem: Why We Need Loans for Refinancing Mortgage 100% of Value and Above – 100 Refinance Program Traditionally, mortgages required at least a 20 percent down payment. In other words, if you wanted to buy a $200,000 house, you would have to come up with $40,000 and the bank would lend you $160,000.

The regulator of mortgage finance giants. s Home Affordable Refinance Program (HARP). It also took steps to coax homeowners into shorter-term loans and encourage more banks to participate in the.

As part of a new plan to cut budget deficits, President Barack Obama on Monday recommended. to work with regulators and the industry “to push in the same direction” on implementing rules that shape.

Obama’s plan, it is said will make it easier for the home owner to afford their monthly payment by refinancing the mortgage,as well as putting in billions of federal dollars into tempting those companies to modify the loads of the people who have already stopped their mortgage payments nationwide.

The Obama administration proposed a plan aimed at helping millions of homeowners refinance their mortgages to today’s historically-low rates. To make it work, he’ll need $5 billion to $10 billion.

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