President Obama Announced Changes to the HARP Program

[AndersBreivik911]

Listen up people,this is how the system works.The Obama Administration just wants to give people the impression that they are doing "something".The Making Home Affordable program is managed by a bunch of college students working for a nonprofit organization. They are idiots.There is zero value to modify a loan that should never have been approved - the workers in the program just want your information to include in their statistics.This program is not going to help anyone - unless you are black.

[KevinHillRealEstate]

We have a Bank of America rep out of our office and he briefed us on the HARP program. Do you think its going to help many people? I think the loan limit is $417k and the borrower has to be employed, along with the being current on their payments like you mentioned.

[RatesInMotion]

@KevinHillRealEstate Good question Kevin. Yes I think it will be great for some. This is not the fix for all the housing issues out there but it is a step in the right direction. There are a lot of people current on their mortgage that still want to refi that couldn’t. This program is for them. I hope FHA comes up with a program that makes sense for people to refi with a reduced MI. When a borrower goes from 5.5% down to 3.75% and only saves $6 a month because of the increased MI it's not right.