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Homeowners Stuck With High Interest Rates Even After Government Refinancing Program (Huffington post)

By Cora Currier

ProPublica

Some homeowners are getting stuck with relatively high interest rates even
after they participate in the government’s program to help them refinance
their mortgages. The biggest banks are not lowering rates as much as they
could be — and homeowners have few options to go elsewhere.

Analysts say that the big banks are set to make major profits off of the Home
Affordable Refinancing Program, also known as HARP, which allows homeowners
with loans backed by government-owned Fannie Mae and Freddie Mac to refinance
if they owe more than their home is worth.

The program, launched in 2009, is designed to let struggling borrowers take
advantage of lower market interest rates. So far, about 1.1 million people
have refinanced under the program, which was expanded last fall to make it
more attractive for banks and to let more homeowners participate.

Since then, the government says there has been “tremendous borrower interest”
and estimates that another 1 million could qualify over the next two years.
But while the expansion may let more people refinance, it may not be at the
lowest rate possible because the incentives don’t favor competition, according
to a new report by …

Huffington post

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