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February 13, 2013

Obama to Congress: ‘Take a Vote and Send Me’ HARP 3.0

By Charles Wisniowski

President Obama, during his State of the Union address, urged Congress to get the HARP 3.0 refinancing program off the ground.

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Poll

What is it going to take to convince lenders to loosen the credit box (i.e., remove underwriting overlays)?

The recent rep and warranty changes announced by the Federal Housing Finance Agency should go a long way in protecting lenders from future buybacks and help expand mortgage credit.
There won’t be any significant elimination of underwriting overlays until the government stops seeking huge mortgage-related penalties and settlements from lenders.
There shouldn’t be any expansion of the mortgage credit box since looser underwriting is what caused the recent mortgage crisis.

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