Senators bargain on HARP expansion

USAPlaceExpert

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No, the Senators in Washington are not trying to make the national instrument of Ireland larger, but what has been proprosed is to expand the amount of mortgages that can qualify for the Home Affordable Refinance Program (HARP). They want to extended the deadline backwards toward 2009 from it`s current standing in 2010 and in addition to that, Senators Robert Menendez and Barbara Boxer are looking to have any upfront fees on the re-finance waived, as well as the costs for getting an appraisal.


Although every little bit helps with the HARP program, especially compared to the bailout of Wall Street, this bill may have a hard time making past a vote in the Republican controlled House given that it has been introduced by 2 Democrat Senators.


Beyond that however, the HARP program has helped re-finance over 1.5 million homes since it began in June 2009 and this year so far has seen 519,000 people re-finance their homes using the program, 20% higher than the 400,000 all of last year. We expect this number to continue to rise as people`s credit continues to improve.


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