REFINANCING: Why Mel Watts Heading Fannie Mae And Freddie Mac Will Push HARP 3.0 To The Forefront


BEN LeBRUN

Waiting for HARP 3 to pass Congress? Your wait may be just about over.

Within days or weeks, congressional representative Mel Watts is expected to be confirmed as the new head of the Federal Housing Finance Agency (FHFA). The controls Fannie Mae and Freddie Mac and administers the Home Affordable Refinance Program (HARP).

HARP was expanded once under current FHFA director, Ed DeMarco but little progress has been made with the program since. With Watts at the helm, the FHFA is expected to overhaul HARP a second time to provide additional aid to troubled U.S. homeowners.

HARP 3 could be here in December.

What Is HARP?

HARP is an acronym. It stands for Home Affordable Refinance Program.

HARP is an economic stimulus program. It was first launched in March 2009 using monies from the Housing and Recovery Act. The premise of the program was to help U.S. homeowners whose homes had…

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