Senator unveils plan to refi 8 million underwater borrowers

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GSE borrowers who have LTVs (loan to value ratios) greater than 80 refinance into another GSE mortgage. At the outset, the program was referred to by the industry as HARP 1.0, and included borrowers with LTV ratios of 80-125 who took out loans prior to June 1, 2009. It was initially hoped that this program would help 4-5 million borrowers.

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Oregon Senator Proposes Refi Plan Funded with Bond Sales 07/25/2012BY: KRISTA FRANKS BROCK About 25 percent of homeowners are underwater, according to the latest data from CoreLogic, released earlier this month. That’s about 12.1 million homeowners who owe more on their mortgage loan than their home is now worth.

 · Sen. Jeff Merkley(D-Oregon) announced a plan Wednesday to allow underwater homeowners to refinance at lower interest rates through the creation of a Rebuilding American Homeownership Trust.

Moody’s Analytics say the figure could be as high as 1.6 million. plan by the Federal Housing Finance Administration will help borrowers with little or no equity in their homes, many of whom are.

The plan, unveiled today, would let qualified homeowners refinance mortgages. Currently some 11 million households are underwater, owing more on their homes than the properties are worth. In order.

Senate Majority Leader Mitch McConnell proposed a government-backed home refinancing. s plan and its financial projections will need careful analysis, but the potential benefits are clear. A.

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HARP has failed to help most underwater borrowers refinance to current record-low rates. The 30-year fixed rate mortgage averaged 4.12% in the week ending Sept. 8, according to Freddie. testifying.

. president’s refinancing plan If designed well, a mass refinancing program like the one the president proposed has enormous potential to spur economic growth. Three out of four underwater borrowers.

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Obama holds news conference, unveils housing plan.. FHA borrowers who want to refinance now must pay a fee of 1.15 percent of their balance every year.. about 11 million, are underwater on.

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Mortgage rates have been on a roller coaster for the last year, but now they're sitting at the bottom of the track, and that is giving a major boost.

State and federal officials are pushing a plan that could help some “underwater” borrowers get refinancing assistance in the latest. and the banks are expected to continue this week. Senate Passes.