February 10th, 2013 12:06 PM by Eric Fang
Senators Mendez/Boxer reintroduced HARP Bill last week. The bill proposes:
1) Ensure that streamlined refinancing is available and consistent for all Fannie and Freddie borrowers, regardless of whether they are underwater or not;
2) Reduce up-front fees on refinances;
3) Eliminate appraisal costs for all borrowers;
4) Remove additional barriers to competition;
5) Extend HARP by one year, to allow eligible borrowers more time to access the program.