Similar Stories to Homeowners Stuck With High Rates Even After Refinancing Program on Bing News

Harry Bradford, Huffington Post: Business
Fri, 04/06/2012 - 8:50am

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.

Topics: cora currier home affordable refinancing program fannie mae securities guy cecala inside mortgage finance banks built-in incentives last amherst jp morgan chase federal housing finance agency fhfa american banker january fhfa propublica harp freddie bank jp morgan chase america wells fargo fhfa homeowners stuck high rates lenders loans big people refinance report interest business borrowers applications charge underwater government rules mortgages existing biggest offer removed borrower competition loan refinanced cap expansion fall million qualify leave originated information lender current customers risky customer participate minimal set result

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