Skip to main content

FHFA to Take Part in Atlanta HARP Outreach Event

NationalMortgageProfessional.com
Jul 31, 2014

The Federal Housing Finance Agency (FHFA) has announced an outreach event to reach remaining homeowners who could benefit from the Home Affordable Refinance Program (HARP). FHFA Director Mel Watt will join housing experts and community leaders in a town hall-style meeting at Ebenezer Baptist Church in Atlanta on Thursday, Aug. 14. The event will highlight the benefits of HARP and provide tools to help community leaders encourage the more than 34,000 Atlanta area residents still eligible to participate to take advantage of HARP. These eligible borrowers could save as much as two thousand dollars each per year by refinancing their mortgage. “Atlanta is one of the cities with the highest number of borrowers who could benefit from HARP but have yet to take advantage of the program,” said Watt. “Our goal is to engage directly with local community leaders to help spread the word to borrowers who are missing out on a chance to save on their monthly mortgage payment.” The Atlanta event will include remarks by Director Watt and a panel discussion moderated by Sandra Thompson, FHFA’s Deputy Director for Housing Mission and Goals, and featuring representatives from Fannie Mae; Freddie Mac; the U.S. Department of the Treasury; Regions Mortgage; and a representative from D&E, A Financial Education and Training Institute, Inc. FHFA last year launched a nationwide public awareness campaign and the website HARP.gov to reach eligible borrowers and encourage them to participate in HARP. The campaign now includes town hall-style events in cities that have the highest number of eligible borrowers with a financial incentive to refinance. According to FHFA’s interactive online map, the estimated number of eligible borrowers in the Atlanta metropolitan statistical area who would benefit from HARP (so called “in-the-money” borrowers) is 34,668. Borrowers are considered “in-the-money” if they meet the basic HARP eligibility requirements, have a remaining balance of  $50,000 or more on their mortgage, have a remaining term on their mortgage of greater than 10 years, and their mortgage interest rate is at least 1.5 percent higher than current market rates. The map and other information about HARP are accessible through HARP.gov. To be eligible for HARP, homeowners must meet the following criteria: ►Their loan must be owned or guaranteed by Fannie Mae or Freddie Mac. ►Their mortgage must have been originated on or before May 31, 2009. ►Their current loan-to-value ratio must be greater than 80 percent. ►They must be current on their mortgage payments with no late payments in the last six months and no more than one late payment in the last 12 months.
Published
Jul 31, 2014
'A Long Road To Normal'

Nominated again to lead The Fed, Powell tells Senate committee to expect three rate hikes, but 'if we have to raise interest rates more over time, we will.'

Regulation and Compliance
Jan 11, 2022
CFPB: Complaint Response Worsens At Big 3 Credit Bureaus

Report claims Equifax, Experian, and TransUnion routinely failed to fully respond to consumers with errors.

Regulation and Compliance
Jan 10, 2022
The Fed Names Chairs, Deputy Chairs For 12 Reserve Banks

In recent years, the Federal Reserve System has worked to increase the overall diversity of the Reserve Bank and branch boards of directors and continues to build on those efforts.

Regulation and Compliance
Jan 06, 2022
The Fed: Rate Hike Likely Coming in June

Federal Open Market Committee's December minutes reveal discussion of first hike in federal funds rate in 2Q of 2022, as well as of ending asset purchases by March.

Regulation and Compliance
Jan 05, 2022
AARMR No Protection For Savanah Scares

Conference provides opportunity for regulators to interact, discuss common topics

Regulation and Compliance
Jan 04, 2022
McCargo Sworn In As Ginnie Mae President

Former HUD official becomes the first female to lead the Government National Mortgage Association.

Regulation and Compliance
Jan 04, 2022