A couple of Senators have been hard at work trying to help struggling home owners. The Responsible Homeowner Refinancing Act of 2012, the landmark bill to help home owners refinance to lower rates, has been redrafted. Senators Robert Menendez and Barbara Boxer propose to lower closing costs, reduce qualification requirements, and even make it easier to change mortgage servicers with the Home Affordable Refinance Program (HARP). The most interesting part of HARP 3.0 is its proposal to relax the underwriting guidelines on the home owner's income and employment status. Instead, the borrower’s payment history needs to be good; specifically, current (4 comments)
Susan writes a thoughtful post about continuing changes in the housing and lending industries and how they affect home owners.
I read a wake up article recently by a mortgage market advisor Mark Hanson, who suggests that unless foreclosures double from the April 2010 record, because of the sheer number of 'shadow inventory' homes on the market --it will take at least 8-years to clear the sales backlog of homes for sale. Wow. Which suggests, by deduction, that our national housing markets will be affected by these lower priced distressed homes lagging if not languishing on the market beside new and non distressed (4 comments)