The overhaul of the Home Affordable Refinance Program, or HARP, will let borrowers whose mortgages are backed by Fannie Mae and Freddie Mac refinance, regardless of how far their homes’ values have fallen. Other homeowners will still be left out, including those whose mortgages aren’t guaranteed by Fannie and Freddie and those who took out mortgages in the past 2½ years. Experts believe the policy tweaks won’t do much to improve the equity position of about 11 million borrowers who are underwater, and they won’t help boost underlying housing demand, which remains depressed.
Obama Expands Mortgage Aid
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