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Pauline Scoggins via Facebook
February 24, 2011 at 3:31 pm
simply amazing, eh?
David G
February 25, 2011 at 8:07 am
Lani,
HAMP is the Home Affordable MODIFICATION Program, not the Home Affordable MORTGAGE Program. Check it out.
HAMP is the unsuccessful step-sister of HARP. HARP, the Home Affordable REFINANCE Program, has in fact been very successful in allowing existing homeowners to access lower rates.The only problem with HARP is that it’s only applied to loans backed by the GSE’s. If the banks had got on board with HARP, the situation wouldn’t be in as much of a mess as it is. HARP was Obama’s plan and it worked. It was also Obama’s plan to buy up MBS’s to drive down rates and that plan also worked. If Obama made a mistake with any of this it was not forcing the TARP banks to go the HARP route instead of just settling for the promise that banks would make a go of HAMP. If BofA and co. had refinanced distressed owners at the recent low rates as per the HARP plan things would look a lot better than they do today.
Them’s the facts. I’ll leave the politics to you.
David
Benn Rosales
February 25, 2011 at 8:45 am
Hi David!
Corrections for typos are best sent through email, we always enjoy hearing from you. We certainly appreciate the catch and your comment.
all the best,