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Home Affordable Refinancing Program (HARP)

Bankrate: Mortgage Rates Rapidly Climb Above the Four Percent Mark

Keys_to_Homeownership/Credit: Creatas Images

The average rate on the benchmark 30-year fixed-rate mortgage (FRM) increased to its highest point since last October, rising to 4.29 percent, according to Bankrate.com's weekly national survey. The average 30-year FRM has an average of 0.42 discount and origination points. The average 15-year FRM jumped to 3.48 percent, while the jumbo 30-year FRM soared to a five-month high of 4.85 percent. Adjustable-rate mortgages (ARMs) were higher across the board, with the average five-year ARM climbing to 3.24 percent and the seven-year adjustable hitting the 3.43 percent mark.Click to continue

Obama Speech Fails to Provide Any Insights on How Mass Refi Program Could Work Out

Obama Speech Pic

In the Thursday evening speech by President Barack Obama before Congress where he introduced The American Jobs Act, the President addressed many of the nation's economic woes, including what many feel is the backbone to the recovery of the American economy, the housing industry. Click to continue

Bank of America reports 56,000-plus permanent mods completed in April

Bank of America Logo

Bank of America has completed about 56,400 permanent mortgage modifications under the federal government's Home Affordable Modification Program (HAMP), and has now completed a total of more than 600,000 modifications through all available programs since January 2008. "We were able to convert close to 24,000 Bank of America customers from trial to permanent modifications in the past month, completing the process for more homeowners than in any previous month," said Jack Schakett, credit loss mitigation strategies executive for Bank of America Home Loans. "We continueClick to continue

Bank of America first to sign contract for Home Affordable Second-Lien Modification Program

Foreclosure Prevention

Bank of America announced that it is the first mortgage servicer to sign an agreement formally committing to participation in the pending second-lien component of the federal government's Home Affordable Modification Program (HAMP). The formal action follows a verbal commitment to the program made by Bank of America's Chief Executive Officer Brian Moynihan during a meeting with Treasury Secretary Timothy Geithner earlier this month.Click to continue