Of all of the various government housing programs run by various federal agencies — Federal Housing Administration, Federal Housing Finance Agency, Housing and Urban Development and, of course, Fannie Mae — HARP is the most effective and efficient one out there. Odds are you have never even heard of the Home Affordable Refinance Program.

And that is a shame, because it is doing what it was designed to do: Help qualified homeowners refinance underwater homes and avoid foreclosure.

The Wall Street Journal’s Nick Timiraos wrote a terrific article on the subject: You probably missed it, as it was unfortunately buried on New Year’s Eve. (Timiraos’s regular housing and mortgage columns in the Journal are incisive and free from the usual bias and politics that tend to accompany much of the housing coverage these days.)

 

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Category: Bailouts, Credit, Real Estate

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

2 Responses to “The Best Gummint Housing Program You’ve Never Heard Of”

  1. catclub says:

    I thought I just read that the tax program, which, when mortgage principal is forgiven, does NOT treat the forgiven amount as income for tax purposes, has expired. If so, the program becomes pointless as the tax bills will be substantial.

    Yep, here: http://prospect.org/article/government-guide-screwing-poor-homeowners

  2. louis says:

    ” There is even talk of including loans not backed by Fannie and Freddie. (That will require congressional approval).”

    Why? I thought we were all evil speculators.