GSIG LLC
Today, the federal government said it will extend the Home Affordable Refinance Program (HARP) from June 2010 to June 2011.
Fannie Mae and Feddie Mac administered this program and it has become the key component of the Obama administration’s "Making Home Affordable Program".
In a recent news release, acting director of the Federal Housing Finance Agency, Ed DeMarco stated:
“FHFA has reviewed the current market situation and the state of mortgage insurance availability and has determined that the market conditions that necessitated the actions taken last year have not materially changed,”
In 2009, Fannie Mae and Freddie Mac purchased or guaranteed more than 4 million refinanced mortgages. Of those, 190,180 were HARP refinances with loan-to-value ratios between 80% and 125%. The HARP began in April 2009.
Last week, First American CoreLogic, reported that Florida has the third-highest percentage of homes (48%, or 2.2 million) upside down.
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