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Volume 29 - Number 17

April 27, 2012

Senate Democrats Draft HARP 3.0 Bill To Lower Hurdles, Bolster Competition

With the second-generation refinance program for underwater Fannie Mae and Freddie Mac borrowers gaining momentum in the market, Senate Democrats are drawing up new legislation designed to knock down lender reluctance about the Home Affordable Refinance Program. Legislation being drafted by Sens. Robert Menendez (NJ) and Barbara Boxer (CA) would force the government-sponsored enterprises to waive representations and warranties on new HARP loans regardless of whether the refi lender serviced the previous mortgage. Lingering concerns about reps and warranties exposure have caused many top lenders to...

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Poll

What do you think is the biggest hurdle to meeting the new QM standards in the CFPB’s ability-to-repay rule?

A debt-to-income (DTI) cap of 43%.

48%

A 3% cap on points and fees.

29%

An interest rate cap of the average prime offered rate (APOR) plus 1.5%.

23%

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