Home Loans and Support

Obama Addresses New Mortgage Refinance Program (HARP 3)

During President Obama’s speech on Tuesday he addressed the long-coming mortgage refinance program aimed for underwater responsible homeowners. The new program will be designed to help homeowners who have not been able to receive assistance because they are current on payments and do not have a government-backed mortgage.

“Part of our rebuilding effort must also involve our housing sector. Today, our housing market is finally healing from the collapse of 2007. Home prices are rising at the fastest pace in six years, home purchases are up nearly 50 percent, and construction is expanding again,” said President Obama.

Obama’s plan is to extend current refinancing options to privately financed loans and step up their efforts to restore the housing market. However, this plan is not new and it was also proposed to Congress back in September, and also in Obama’s 2012 State of the Union Address.

The current program allows underwater loans backed by Fannie Mae or Freddie Mac to qualify for streamlined refinance options. Obama is urging Congress to allow this program to reach all homeowners to avoid more future defaults. This new program needs to be approved quickly as mortgage rates are still near record lows! At the end of last week the average interest rate for a 30-year fixed mortgage was at 3.53%.

“Too many families who have never missed a payment and want to refinance are being told no.  That’s holding our entire economy back, and we need to fix it.  Right now, there’s a bill in this Congress that would give every responsible homeowner in America the chance to save $3,000 a year by refinancing at today’s rates.  Democrats and Republicans have supported it before.  What are we waiting for?  Take a vote, and send me that bill. Let’s streamline the process, and help our economy grow,” Said Obama.


About Moe Bedard

My name is Maurice Bedard, but most people call me Moe. I am the founder of America's #1 Mortgage Forum, LoanSafe.org, and also a website design firm called We Create Web Designs. My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications. I currently live in Carlsbad, California with my beautiful wife and children.

One Response to Obama Addresses New Mortgage Refinance Program (HARP 3)

  1. Jenny Drice says:

    When is harp 3 coming?

      (Quote)  (Reply)

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Get free unbiased help with your tough questions. Start your own threads and post replies with over 60,000 people just like you.

Connect with us

LoanSafe Forums

TESTIMONIALS

"Hello Moe, I just wanted to tell you, your website has saved my life (literally), I stumbled on your site in the middle of losing my home, I was able to network with people going through the same thing as I am. I didn't feel alone anymore, I have tried to give back and counsel those that haven't walked in my shoes yet. We hear so much about what is wrong with America, I just wanted you to know, you are whats "right" with America."

Nina Mitchell
Loansafe & MoeSeo Inc. © 2014 | LoanSafe.org is not a bank, lender, mortgage broker, law firm or affiliated with the US Government. Privacy Policy