Orange, California (PRWEB) September 04, 2013
President Obama has been talking up housing solutions. Zillow CEO Spencer Rascoff moderated a 30-minute segment where the President answered questions from homeowners and homebuyers.
About 20 minutes into the interview, President Obama says that passing the legislation is a "no-brainer". Broadview Mortgage Branch Manager Scott Schang says that he wholeheartedly agrees. "There are so many people that would benefit from passing a revision to HARP, chief among those are homeowners whose mortgage is not owned by Fannie Mae or Freddie Mac."
About 30% of the questions focused on the rumors of a HARP 3 underwater refinance program for those that don’t qualify for HARP 2. The question remains, what exactly would HARP 3 entail?
- Allow non-servicing lenders to use “streamlined guidelines” to reduce documentation and cost to consumer.
Remove fannie mae and freddie mac owned requirement to allow any eligible homeowner to refinance
- Further streamline qualifying process making on-time payment history primary factor for eligibility.
- Remove requirement for income, appraisal, assets – eligibility depends on payment history.
As of September 4th, 2013 the official Senate website for S.249 states that the likelihood of it being passed is low.