{"id":287,"date":"2012-02-01T21:34:07","date_gmt":"2012-02-01T21:34:07","guid":{"rendered":"http:\/\/riverbankfinance.com\/blog\/?p=287"},"modified":"2012-12-10T17:46:20","modified_gmt":"2012-12-10T17:46:20","slug":"obamas-new-mortgage-program","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/obamas-new-mortgage-program\/","title":{"rendered":"Obama’s NEW Mortgage Program"},"content":{"rendered":"

\"New<\/a>During his State of the Union address, President Barack Obama announced a new refinance program, which would help \u201cresponsible\u201d borrowers finding themselves in \u201cunderwater\u201d situations to refinance their mortgages.\u00a0 This could greatly benefit millions of homeowners, that is, as long as Congress allows the plan to pass on through, however at this point is up in the air.<\/p>\n

The plan will go through the government\u2019s mortgage insurer, the Federal Housing Administration (FHA).\u00a0 Now of course this plan comes at a price, one that some may oppose in Congress.\u00a0 It\u2019s estimated to ring in anywhere between $5 billion and $10 billion.\u00a0 Who or what would be responsible for covering these expenses though?\u00a0 Well that would be a tax on the heads of major lenders.\u00a0 Definitely something that will likely upset Congress.<\/p>\n

There\u2019s another problem that could rise from this program.\u00a0 That is the FHA itself.\u00a0 The Federal Housing Administration has had somewhat of a \u201crocky\u201d past and people are claiming they don\u2019t need to take any more risks as it is.\u00a0 Another potential issue with the FHA is that some consider them to be in an \u201cunderwater\u201d situation of their own.\u00a0 They guarantee about $1 trillion in American mortgages but yet they only have $1.2 billion in cushion.<\/p>\n

Officials have stated in regards to the above concerns that a separate fund could be completed for these loans.\u00a0 It wouldn\u2019t be considered a part of the Mutual Mortgage Insurance (MMI) fund.\u00a0 This custom fund would be built to handle potentially high losses.<\/p>\n

This plan could help a major amount of homeowners, about 3 million, on top of the 11 million homeowners that already qualify for the Home Affordable Refinance Program (HARP).\u00a0 Obama\u2019s plan faces a rough road before it can become a reality.\u00a0 At this point it lies in the hands of Congress if it is to progress.\u00a0 After Congress, borrowers and lenders must then come to a complete agreement on the requirements.\u00a0 After all that is said and done, there is potential this could shake up Wall Street because hundreds of thousands of loans could then be paid off earlier than their term which is a fact that that bondholders surely don\u2019t want to hear.<\/p>\n

The outline of President Obama\u2019s plan has been announced now it is a waiting game to see how it unfolds.\u00a0 Stay up to date on this plan by checking back with this blog or even by asking questions regarding the program. Feel free to call 1-800-555-2098<\/strong> or even fill out the email form below with questions on your scenario to see if you qualify for HARP mortgage.<\/p>\n

Help with the new mortgage program?<\/h2>\n\n
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