The Home Affordable Refinance Program (HARP), a federal program designed to encourage refinances of underwater homeowners, announced changes recently that are intended to open the program to more homeowners. While the program does not reduce principal for underwater homeowners, it allows them to access lower interest rates and lower monthly payments. One in four mortgages in the Chicago region is underwater.
Opportunity to comment on proposed mortgage rules ends Monday
Sameera Fazili of the U.S. Department of the Treasury explains the Administration's proposals to reform the housing finance system at a Woodstock Institute event.