Make Harp 3.0 Happen

Advocating for The Expansion of the Home Affordable Refinance Program

No Help From Mel Watt For HARP 3.0

Yesterday Mel Watt spoke at the Brookings Institution on the future of Fannie Mae and Freddie Mac. It was his first public speech since taking over as Director of the FHFA. The news was not good for those of us who have been fighting for the Home Affordable Refinance Program to be expanded. Mr. Watt signaled that the FHFA will make no effort to advance HARP 3.0. The FHFA will continue to operate HARP under the current guidelines, eligibility dates, and regulations. Here is was Mel Watt’s remarks concerning the HARP program:

We have also received a number of inquiries about changing the eligibility requirements for the Home Affordable Refinance Program (HARP). Because the number of borrowers we could add by extending the eligibility date or by changing performance requirements is relatively small, we have decided not to alter HARP eligibility parameters. FHFA is, however, working to retarget our HARP outreach efforts to the approximately 750,000 borrowers who already qualify and would financially benefit from refinancing.

We were led to believe that a change in leadership at the FHFA would help HARP 3.0. More lies and broken promises. Mel Watt is no better than Ed DeMarco.


Updated: May 14, 2014 — 10:46 am


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  1. Sadly, this really shouldn’t be a surprise. We are a long term revenue stream for the banks. As responsible homeowners we continue to make mortgage payments every month @ 6.5%, 9% or higher. This is revenue helping to offset the losses for bad mortgages and irresponsible homeowners. Even though banks would benefit from HARP 3.0 by generating refinancing business the banks know that is only short-term and they are better off getting an extra $300 – $600 per month per mortgage than get a couple months worth of refi business. Right now my plan is remain my course, pay my mortgage each month and watch my LTV slowly decrease as my mortage amount decreases and property values slowly rise. The only hope I have now is my property value will increase enough to allow me to refi before the next housing bubble bursts.

  2. I agree with John. The banks are doing very well at our expense. We will continue to make our 7% mortgage payment, but I will likely sell the property next year when I have more equity. It’s an investment property that has cost me quite a bit in terms of extra payments and repairs. So, although my husband and I had a 5 year plan for it to turn a profit it now has been well over 5 years and it’s still costing money and we can’t refi. So, it was more of an investment for my banker. Retirement is not an option for us unless some changes are made in this country. Responsible citizens are being abused. It is definitely time for a change.

    1. Diana: ‘Responsible citizens are being abused. It is definitely time for a change’. You’re right.

      HARP 2 is just for Fannie Mae and Freddie Mac loans but, what about us? “The Equal Protection Clause is part of the Fourteenth Amendment to the United States Constitution. The clause, provides that no state shall deny to any person within its jurisdiction “the equal protection of the laws”…
      I’m not a politician, I’m just a citizen with no access to HARP 2, HAMP and other benefits because my income and I have to pay mortgage and all family expenses, including education for my kids. I ask for counseling at HOPE Line and they diagnosed a hard financial situation (a financial family deficit. Genious!) and they have the solution: they are sugesting a short sale and reduce family expenses to avoid forclosure. Great! and what about my family? How to say: Guys this is a hard time! be prepared to leave or quit from college… It is definitely time for a change for real equity and stop abuse from banks and government…

  3. I was one of the people that believed help would come in the form of Harp 3 to help the people who are doing the right thing and not walking away from there obligation because they cant play the market like everyone else. Help will come when it is no longer needed or when rates hit 5% again. All I wanted was an opporitunity to take advantage of lower rates but no equity, no FHA left me with no options. The people who were irresponsible were helped out though. The struggles of the middle class are not being acknowledged or respected. The power of a vote is the only thing Washington respects.

  4. The government can help out people who most likely shouldn’t have had a mortgage in the first place but the people who are underwater and maintaining their mortgage, not a Fanniemae or Freddiemac, are killing themselves to keep paying. The government needs to pass the Harp 3 for all persons in need of a lower mortgage rate. Why should people who overindulged be bailed out just like the banks? Shame on the banks and the government for letting them get that mortgage. So hard, 7 day a week working people, get the shaft. I shouldn’t have to sell my home because it is not through Fannie or Freddie!!! I think this is discrimination at it’s best…….

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