866-764-TECH(8324) · Subscribe to Application Solution Providers, Inc.News FeedSubscribe to Application Solution Providers, Inc.Comments

The new housing-relief plan: Underwater rescue

SOMETIMES the best stimulus is not the biggest, but the one that’s possible. While Barack Obama has been haranguing Congress, without success, to pass his $447 billion stimulus plan, a more modest effort paid off on October 24th when the Federal Housing Finance Agency (FHFA), the regulator of Fannie Mae and Freddie Mac, the two big mortgage-finance companies, made it easier for borrowers to lower the rates they pay on their mortgages.

Mortgage rates are the lowest in a generation, triggering a rush by homeowners to retire higher-rate loans and take out new ones (see chart). But roughly a quarter of homeowners cannot refinance because their mortgages exceed the value of their homes. In early 2009 the administration introduced its Home Affordable Refinance Programme (HARP), allowing refinancing for “underwater borrowers” with no history of delinquency. Although Fannie and Freddie were taken over by the federal government in 2008, HARP would not expose the taxpayer to any more loss, since refinancing did not make the loan riskier.The programme has been a disappointment. Up to the end of August only 894,000…

Application Solution Providers, Inc. 866-764-8324

Application Solution Providers, Inc. 866-764-8324

Any software can be installed, maintained, and securely accessed from anywhere. Leverage the latest hosting technologies with a Digital Desktop.™ Consolidate and secure all your business applications and data in custom Hosted Environments.™

Your business applications and managed Application Hosting, Desktop Hosting, Web Hosting, Mail Hosting, Software as a Service (SaaS), Virtual Machines (VM), and Virtual Desktop Infrastructure (VDI) saves time and money.
 

For managed Application Consulting, Development, Marketing, Hosting, Support, and Training
Call 866-764-8324 · Send an email · Submit an Information Request

    Comments are closed.