Petition II – 4/11/2013 – Petition U.S. Treasury and States to use Hardest Hit Funds to Help Underwater Homeowners by Implementing the Merkley Mortgage
U.S. Treasury and State Housing Agencies that disperse Hardest Hit Funds: Help Underwater Homeowners by Implementing the Merkley Mortgage
Refinancing can save thousands of dollars per month and prevent foreclosures for families underwater on their home loans. Millions of Americans are underwater and are unfortunately not eligible for existing programs such as HARP. The Rebuilding American Homeownership Assistance Pilot Project (aka. The Merkley Mortgage) expands on HARP by allowing people with non-Fannie and Freddie held loans to refinance. It would also allow refinancing for people that have been disqualified due to the arbitrary securitization cut-off date set by the FHFA.
And this is the letter/email that will be delivered:
The President of the United States
The U.S. Senate
Sen. Jeff Merkley, OR
Florida Housing Finance Corporation
Indiana Housing & Community Development Authority
alabama housing finance authority
Arizona Department of Housing
California Housing Finance Agency
Georgia Housing and Finance Authority
Illinois Housing Development Authority
Kentucky Housing Corporation
Michigan State Housing Development Authority
Mississippi Home Corporation
Nevada Affordable Housing Assistance Corporation
New Jersey Housing and Mortgage Finance Agency
North Carolina Housing Finance Agency
Ohio Housing Finance Agency
Oregon Department of Housing and Community Services
South Carolina State Housing and Development Authority
Tennessee Housing Development Agency
District of Columbia Housing Finance Agency
Millions of underwater homeowners stand to benefit by refinancing. Unfortunately, many are not eligible for the current programs such as HARP. Senator Merkley of Oregon has advanced the Rebuilding American Homeownership (RAH) plan using the U.S. Treasury TARP “Hardest Hit Funds” to serve as a more inclusive underwater refinance plan. The Merkley plan would equally benefit those with GSE backed loans and non-Fannie and non-Freddie backed loans . The plan is currently being piloted in Oregon’s Multnomah County. The RAH Pilot Program could serve as the template for assisting underwater homeowners in need of refinancing in your state. Please implement RAH using your allocated “Hardest Hit Funds”.
Petition to install a HARP 3.0 Countup clock in the White House. Update: this petition has expired. The final tally was 1509 signatures.
WE PETITION THE OBAMA ADMINISTRATION TO:
Help Underwater Homeowners. Install a CountUp Clock in the White House to remind policy makers of failure to pass HARP 3
During the 2012 State of The Union Address President Obama laid out his plan for a broad based refinancing plan to help all responsible home owners with little or negative home equity. This plan, known as HARP 3.0, is desperately needed by millions of underwater homeowners. It is now two years later and nothing has been accomplished with HARP 3.0. The President, Congress, The FHFA, and other policy makers have failed us. As a reminder of this failure we suggest a HARP 3.0 Count Up Clock be installed in the White House Entrance Hall. Perhaps the embarrassment of this Count Up Clock will urge policy makers to finally Make Harp 3 Happen.
Petition to eliminate the securitization cut off date for HARP eligibility and allow re-HARPing. Update: this petition has expired. The final tally was 1658 signatures.
You can view and sign the petition here: Petition to eliminate the securitization cut off date for HARP eligibility and allow re-HARPing
WE PETITION THE OBAMA ADMINISTRATION TO:
Make a formal request to the FHFA to eliminate the securitization cut off date for HARP eligibility and allow re-HARPing
Under the Home Affordable Refinance Program (HARP) The Director of The Federal Housing Finance Agency has authority to extend or eliminate the eligibility cutoff date. Currently the date is set as 5/31/09. Many responsible home owners are unable to take advantage of the program to reduce their mortgage rates because of this date. On 3/17/12 HARP was revamped (HARP 2.0) and home owners were given the power to shop for the best rates. However, those who previously refinanced under the original program are not eligible because of the the arbitrary cut off date and 1 time use limit set by FHFA Director Edward DeMarco. Eliminating the cutoff date and allowing home owners a 2nd chance to refinance under HARP 2.0 would help millions of Americans to save money on their monthly mortgage payment.