Senator unveils plan to refi 8 million underwater borrowers

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Senate Democrats plan fresh push to ease home refinancing. More than 1.8 million borrowers have already won new loans through the Obama administration’s Home Affordable Refinance Program that.

With the average rate on the 30-year fixed mortgage hitting a three-year low of 3.73% last week, according to Freddie Mac, 8.2 million borrowers could refinance and lower their interest rates by at.

Refi plan would target 8 million underwater borrowers . Refi plan would target 8 million underwater borrowers . treasury secretary likes design of Oregon senator’s proposal read more . 07/26/2012 Most traffic to third-party sites doesn’t convert into sales . The plan, they argue. a phenomenon known as being "underwater." The program would allow distressed borrowers to refinance their mortgages at rates as low as 4 percent. Some 10 million households -.

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The "Merkley Mortgage" would do what many hoped HARP 3.0 would accomplish. So far, no revisions to the HARP program have been implemented since HARP 2.0 in March 2012, except for extending it to 2015. HARP has helped over 2.8 million underwater homeowners refinance into lower rates since its debut in 2009. But it has fallen short of.

The Home Affordable Refinance Program, or HARP, expires Dec.. on how far underwater a mortgage had to be and still be able to be refinanced.. Almost 3.5 million homeowners have been assisted through HARP, and.

Senator unveils plan to refi 8 million underwater borrowers Wells Sees 60-70% Loss Severity in Option-ARMs SIGTARP: HAMP’s failure ‘devastating,’ permanent mods flat in December To benefit from an improving housing. programs expanding retirement-plan coverage will help.

Obama's (HARP 2.0) Explained in Less Than 2 Minutes. Home Affordable Refinance Program..flv Sen. Jeff Merkley, D-Ore., submitted a new plan Tuesday for the government to buy up to 8 million underwater mortgages and refinance them into lower rates.There. Senator unveils plan to refi 8.

A separate plan, the Home Affordable Refinance Program, which allows borrowers with loans backed by Fannie Mae and Freddie Mac to refinance at lower rates, has helped about 1 million homeowners.

Sen. Jeff Merkley, D-Ore., submitted a new plan Tuesday for the government to buy up to 8 million underwater mortgages and refinance them into lower rates."There. More Fannie Mae and Freddie Mac.

After harp mortgage program ends, options for underwater borrowers. Since its inception in 2009, the program has put millions of people into. Fannie's program is simply known as the high LTV refinance option, while.