Broadview Mortgage: President Barack Obama Avoids Addressing HARP 3.0 in the 2014 State of the Union

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It is now up to responsible homeowners to urge the U.S. Government to pass the hugely powerful program and steer the economy in the right direction.

In the prior year’s State of the Union address on Tuesday, February 12th, 2013, the President of the United States, Barack Obama, very subtly described his desire for the HARP 3.0 program to pass during his State of the Union speech:

“…even with mortgage rates near a 50-year low, too many families with solid credit who want to buy a home are being rejected. Too many families who have never missed a payment and want to refinance are being told no. That's holding our entire economy back, and we need to fix it. Right now, there's a bill in this Congress that would give every responsible homeowner in America the chance to save $3,000 a year by refinancing at today's rates. Democrats and Republicans have supported it before. What are we waiting for? Take a vote, and send me that bill. Right now, overlapping regulations keep responsible young families from buying their first home. What's holding us back? Let's streamline the process, and help our economy grow.”

Although he did not directly mention HARP 3.0, the picture that he painted was strikingly similar to what is predicted to be the ‘new enhancements’ of HARP 3.0. The HARP 3.0 Program is meant to assist responsible homeowners, which is defined as a person who is current and timely on their mortgage payments. These families are being told ‘no’ when they ask to refinance because they either they have a non-Fannie Mae/Freddie Mac loan, or, their loan originated past the cutoff date – May 31st, 2009.

Congress has been sitting on the bill to pass HARP 3.0 for over a year, and as Obama asks, “what are we waiting for?”, but it is clear that the Administration as well as Congress have placed this issue on the backburner. On Tuesday, January 28th, 2014, the State of the Union speech included barely anything more than a statement that the housing market is “rebounding”.

The HARP 3.0 people has the potential to provide a lifejacket to 6 million underwater homeowners at the very least. Thus far, Broadview Mortgage has received numerous inquiries on the status of the program, and the harsh reality is, we don’t know, and we can’t do anything about it until the bill is passed. This is a call to action for readers to contact their local member of Congress and urge them to pass the bill. We can no longer afford to wait around.

Click here to find out the contact information for your local House of Representatives* member.

Click here to find out the contact information for your local Senator*.

*The United States Congress consists of two houses: The House of Representatives, and the Senate.

For additional information, contact: Brittany(dot)williams(at)broadviewmortgage(dot)com.

Since 1988, Broadview Mortgage has distinguished itself through honest business relationships with clients, loyalty to employees, and commitment to empowering and educating those communities. Broadview Mortgage is a mortgage banker and direct lender made up of loan officers with years of experience in the firm and sheer excellence in customer service. The firm works to explore several financial solutions for its clients, for which they choose. Business is initiated and conducted on a word-of-mouth basis. Broadview Mortgage is a delegated underwriter for the Federal Housing Administration (FHA), the Veterans Administration (VA), and the Federal National Mortgage Association (FNMA). Broadview is also approved to participate in several state, county and city programs for First Time Home Buyers.

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Brittany Williams
Broadview Mortgage, Katella Branch
+1 (714)538-4404 Ext: 114
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