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Tag Archives: National Economic Council

HARP’s Rep and Warranty Waiver: Will It Spark a Refinancing Frenzy?

With the Federal Housing Finance Agency's (FHFA) retooling of the Home Affordable Refinance Program (HARP), one change in particular may hold the answer to just how much of an impact the initiative will have -- FHFA's decision to waive representations and warranties on loans that are refinanced through the program. The debate has already begun about whether such a move will indeed persuade lenders to step up participation in the program. Some lenders do see it as an opportunity, but market analysts say the rep and warranty waiver may be less effective than expected.

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Senators Call for Immediate Action to Help Homeowners Refinance

Market watchers have their eyes peeled for word from Washington that officials will relax the rules of a government refinancing program to allow underwater homeowners with GSE-backed loans to take out new mortgages with lower interest rates. President Obama promised just over a month ago that a new and improved Home Affordable Refinance Program (HARP) would soon be unveiled, but lawmakers are growing impatient. A bipartisan group of senators has sent letters to the heads of four federal agencies calling for ""immediate"" action.

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Top Economic and Housing Advisers to Leave Administration

The economic advisory team in place in Washington continues to thin. Within the next few weeks, the Treasury Department will reportedly lose two key officials, Michael Barr and Matthew Kabaker. The president's National Economic Council will also lose its second-in-command, Diana Farrell. All three individuals were instrumental in crafting the administration's response to the housing and economic crises and helped to shape the overarching financial reform bill signed into law this summer.

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