HARP 2.0 Reaches 1 Million Milestone

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Posted To: MND NewsWire

Just a little over a year after the Home Affordable Refinance Program (HARP) was substantially revised into HARP 2.0 it has reached nearly as many homeowners as in the two-and-a-half years that preceded the revisions. In November 2012 nearly 130,000 homeowners refinanced through HARP, bringing the total transactions through the program since its inception in April 2009 to 2.09 million. About 1.04 million of these have occurred since HARP 2.0 became effective in December 2011. In November Fannie Mae refinanced 77,301 home mortgages through HARP, 22 percent of all refinancing it did that month and Freddie Mac had 52,445 HARP refinances or 23.4 percent. The revisions to HARP removed the existing 125 percent cap on loan-to-value ratios. About one fifth of the loans refinanced since that time have...(read more)

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Source: http://www.mortgagenewsdaily.com/02192013_refinancing_harp.asp

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