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The Urban Institute (UI) is advocating for a streamlined refinancing program similar to the Home Affordable Refinance Program (HARP) which aided many homeowners during the Great Recession to assist those impacted by the pandemic. HARP, which was used by more than 3.4 million borrowers between 2009 and 2018, offered simplified documentation, automated appraisals, no or reduced loan-level pricing adjustments, and mortgage insurance transferability to existing GSE (Fannie Mae and Freddie Mac) borrowers. Because home prices had dropped dramatically, leaving many borrowers underwater, eligibility was determined without regard to a mortgage's current loan-to-value (LTV) ratio. UI analysts Laurie Goodman and Edward Golding write that studies have estimated that HARP, by lowering monthly mortgage payments
Housing News
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The Urban Institute (UI) is advocating for a streamlined refinancing program similar to the Home Affordable Refinance Program (HARP) which aided many homeowners during the Great Recession to assist those impacted by the pandemic. HARP, which was used... (read more)
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MBS Commentary
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Decent Day For Bonds as Stocks Sell
A good, old-fashioned "risk-off" rally has been hard to come by in 2021, but that's arguably what we saw today. Whether investors were shedding stocks due to broad ec... (read more)
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Rob Chrisman
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Whenever I ask my cat Myrtle about her opinion of the Consumer Finance Protection Bureau, she remains mum. But the CFPB has been in the press lately. Servicers are girding their loins and making sure their portfolio clients are being handled per rule... (read more)
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Housing News
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Incoming data for March has caused Fannie Mae to again revise its forecast for the year's growth in gross domestic product (GDP). The company's Economic and Strategic Research (ESR) team said a sharp uptick in the economy last month followed a weathe... (read more)
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Housing News
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The House Committee on Financial Services (FSC) held a virtual hearing last week on ways to provide equitable and affordable housing infrastructure. The memorandum setting out the hearing's purpose stated that, not only is affordable housing a crucia... (read more)
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Mortgage Rate Watch
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It's no secret that mortgage rates had a rough month in March and a rough year in general. The average lender raised 30yr fixed rates by roughly half a percent in February and March alone. But April has proven to be an entirely different sort of mont... (read more)
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