Many more US homeowners using Obama refinance plan

By REUTERS
July 16, 2012 21:13

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

WASHINGTON - The number of underwater US homeowners refinancing through an Obama administration anti-foreclosure program has picked up sharply since its expansion late last year, according to figures a housing regulator released on Monday.

More than 78,000 home loans were refinanced using the expanded Home Affordable Refinance Program, nicknamed HARP 2.0, during the first five months of 2012, more than for all of 2011, the Federal Housing Finance Agency said.

The Obama administration and the housing regulator FHFA revamped the HARP program in October to allow homeowners with loans backed by Fannie Mae and Freddie Mac and who are current on their mortgages to refinance no matter how much their home value has dropped below what they owe.

"These numbers show HARP 2.0 is accomplishing the goals set forth -- to provide relief to borrowers who might otherwise be unable to refinance due to house price declines," FHFA Acting Director Edward DeMarco said in a statement.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Breaking news
October 20, 2018
UAE voices support for Saudi king statement on Khashoggi death

By REUTERS