HARP Hits 3 Million Mark

February 10, 2014
Mortgage Orb 
mortgage lending news
The Home Affordable Refinance Program (HARP) has now helped more than 3 million borrowers to refinance their homes, confirms the Federal Housing Finance Agency. The milestone was reached after additional changes were made to the initiative in an effort to boost participation. The number of HARP refinances completed in 2012 almost equaled the total number of refinances completed over the first three years of the program.

HARP was expected to assist 4 million to 5 million struggling borrowers with their mortgage payments; but early issues with the program deterred homeowners from using it, in addition to rising interest rates. The duration of HARP has now been extended to Dec. 31, 2015.

A third round of modifications to the program has been proposed to address additional barriers to participation, but these changes have yet to be approved and codified.









Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty
  

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.



`