Record Number Reached Refinancing Under MHA – HARP
In a report published on Monday, the Federal Housing Finance (FHFA) announced that Fannie Mae and Freddie Mac had managed to reach a record in the number of refinancing’s under the Affordable Refinance Program HARP with refinances reporting 3 Million. The 3 million mark, is considered an important step in achieving the goals that the FHFA is proposed to help homeowners reduce their mortgage payments and keep their properties.
Only In November the GSEs reported 38,732 HARP refinancing’s, and to date 862,892. Of these, 25,689 were for mortgages with loan relationship/value (LTV) of 80 to 105 percent, 7,612 loans with 105-125% LTV, while the rest were for loans of 125 +% LTV.
Likewise, the FHFA announced that it had completed more than 3 million shares of foreclosure prevention, which included among others, loan modifications, and selling short since the government became sponsor of Fannie Mae and Freddie Mac in 2008 , more than 18 million mortgages have been refinanced through the GSE’s. The new closing date for the Making Home Affordable Program is December 31, 2015.