Make a formal request to the FHFA to eliminate the securitization cut off date for HARP eligibility!

Eliminating the cutoff date and allowing home owners a 2nd chance to refinance under HARP 2.0 would help millions of Americans to save money on their monthly mortgage payment.

SIGN THE PETITION
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January 16 2013 - Carmel Mountain
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I'll probably sign it (after reading it). I don't know if it needs to be eliminated but the date should at least be pushed up to 2011. 
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January 16 2013
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What is the cost to taxpayers of this proposal?
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January 16 2013

 If the current date restrictions are modernized,  it will allow many tax payers who are currently being shut out of historic low rates due to their loan being closed/delivered after the cutoff to refi and hence save $$$$ monthly.

I do not know about anyone else, but I have come accross quite a few home owners that refinanced traditionally or with HARP after April/May 09 and are now "stuck" with a 5% rate etc.   

The question is how much will it cost the banks, and the investors on the receiving end of the MBS line?

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January 16 2013
Profile picture for wetdawgs
Thanks for a non-answer.

I didn't ask to start a debate, I asked a factual question.
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January 16 2013
I said "it will save some tax payers that can refi money if they are able to refi"... how is that not factual?  Fact - there many who are now saving $ through HARP?   Fact - It could happen under this scenario as well?
Fact - Banks and investors will take a hit  

Do you have a different answer?

Debate?  These days I only debate about Ultimate Fighting techs., Bass Fishing methods and NASCAR rankings ...  
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January 16 2013
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Perhaps I wasn't being clear.   Will it cost taxpayers who are not involved in a refinance?   i.e. is there a federal subsidy of some sort.
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January 16 2013

Well. The best idea "BIG PICTURE" would be for it not to cost the tax payers anything and let the open market do it's thing.
Of course in the arena of govt., greed and manipulation, sometimes there is another shoe that comes down. 




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January 16 2013
The cost to taxpayers is less than $0. It would be measured in negative numbers, so we can call it a savings.

These loans are rate/term refinances, so the homeowner cannot take cash out, and the securities behind them are already guaranteed by the Treasury... Lowering the rate/payments on these loans only reduces the chance of default, thus reducing risk to the taxpayer.

Were they to open up the program to those with loans not already backed by Fannie/Freddie already there would be a potential risk to the taxpayer, but that is not what this petition is about. 
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January 16 2013
Profile picture for makeharp3happen
Thank you all for discussing the petition I originated. Greg is pretty much spot on. This is a cost savings for taxpayers. It provides an economical boon and actually increases revenue for the government. A few key points:

1) Prevents Foreclosures: According to the CBO For each 1,000 new refinancings, 38 fewer mortgages would default. Let's just say this helps create 2 million additional refinances. That keeps 76,000 homeowners from defaulting.

2) Provides an economical stimulus without a dime being paid by the government. On average home owners save $3000 per year by refinancing. That increases the purchase power of home owners that can take advantage of the loosened restrictions which in turn means more money spent elsewhere to spur economic growth.

3) Generates Revenue for the Federal Government. Refinancing to lower rates actually creates a little extra revenue for the federal government. 27% of tax filers claim a mortgage interest deduction. Refinancing lessens the amount of the deduction that they will take. That means a few extra shekels for the government, and that is before we talk about the tax revenue derived from additional income that mortgage industry professional would make by servicing additional loans. Bottom line is only those that benefit would be paying anything extra to Uncle Sam.

One additional point concerning elimination of the cutoff date as opposed to just extending it. First, no matter when you set the someone could get shafted by a few days. Secondly, it provides clarity to the investors. If you extend the date once investors will fear and speculate on when the date will get moved again. 

Again, thank you all for your interest in the petition. It has started to gain some attention in the blogosphere and I have talked to some media outlets about picking up the story. There is interest that could make the number of signatures skyrocket. Any help would be appreciated. Post it to your social media accounts, pass it along to your friends, family, and colleagues, and if you speak to customers that are affected by the HARP cutoff date please direct them to the petition. Once again here is the petition link: http://wh.gov/PQOH


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January 17 2013
But of course...  good that you put together this petition and let's hope you get all the signatures.  

Lingering is the stuff on the other end of the stick.. someone/something has invested in those locked up mortgages. EPO's will leach at the investment plan.
Additionally, current processing of a standard refis (FHA etc) at the low end of cost of rate are taking up to 90 days to close. If the date flood gates are opened it will be a mess.  It would be likely to occur in steps, and after the cost of rates rises a bit as compared to now.   

The Non Freddie and Fannie serviced loan mess is another bleak story that needs some attention.  


 


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January 17 2013
On the timeline thing. Maybe don't just move the date up, eliminate it as you say, but there has to be some sort of time elapsed since the original loan was originated or endorsed by the GSE before someone is eligible for HARP. I would say 12 months. Otherwise that is another issue for investors and it still makes a lot more sense than (what seems like an arbitrary date) that never moves up as time goes by. 
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January 17 2013
For now, simply moving the date up to May or June 2010 would help many.
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January 17 2013
This may not be the initiative that solves this issue, however it could help shed some administrative light on the overall dim situation.
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January 20 2013
Profile picture for makeharp3happen
Paul, That is sort of the goal. Kickstart the discussion again and raise the priority. Unless the public turns up the pressure I think the policy makers are going to be content with killing clock and letting a very long recovery resolve the issues. Worse yet the media is letting it happen. I read a piece on the other day the US News web site titled "Housing Recovery Bailed Out 1.4 Million Underwater Homeowners in 2012". Bailout? How is a recovery a Bailout? To me those 1.4 million homeowners persevered with little help from anyone. I wrote about that here.[Hotlink removed by Zillow moderator. Please see our Good Neighbor Policy for more information.] Anyway, I'm working like crazy to get media attention to this petition effort. I'm contacting all sorts of bloggers and such to help spread the word. I also have press releases going once it passes the 1000 mark. Anyone that helps the cause will get recognition on the site I created to help push the effort. Contact me if interested.

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January 20 2013

Signature 1000 is just over the next hill (or is it the next one?) ...

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January 21 2013
1125 Signatures so far...it's too bad... it does not look like it will come close to what it is needed.
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January 27 2013
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It does need media coverage to get the needed threshold. There have been some nibbles from the media, including reporters from two well known publications. However, I'd peg the chances of them doing the story at less than 50%. I'm actually happy with the response from people so far considering this all grew from word of mouth with no planning up front. After the petition winds down I may regroup with some other grass roots effort with some pre-planning that could help get it off and running better. In the mean time I hope people continue to sign the petition until it expires.The more numbers it gets the more likelihood the administration will see it. Occasionally they respond to petitions that do not reach the threshold. Some low level staffers are obviously watching these things. The higher the response the greater the chance it gets escalated. 
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January 28 2013
 
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Make a formal request to the FHFA to eliminate the securitization cut off date for HARP eligibility!
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Latest reply by makeharp3happen
January 28 2013 | 17 answers
  • Posted by Paul Mondello
  • In Mortgage
  • January 16 2013
Mortgage Rates
 
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