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The Federal Housing Finance Agency (FHFA) is not ready to pull the plug on either the Home Affordable Modification Program (HAMP) or the Home Affordable Refinance Program (HARP).
In a speech delivered today in Los Angeles before the Greenlining Institute’s 22nd Annual Economic Summit, FHFA Director Mel Watt announced that HAMP and HARP were extended for another year and will run through the end of 2016.
“Although the number of new borrowers entering these two programs continues to decline, in part because many eligible borrowers have already taken advantage of them and in part because of recovering house prices, lenders and servicers are continuing to approve new HAMP modifications and HARP refinances,” said Watt. “Extending HAMP and HARP through the end of 2016 will provide real relief for borrowers who continue to face challenges either paying their mortgage or refinancing their loan.”
Watt insisted that the programs “were never intended to be permanent programs” and stated this extension will be the final one.