Nov 22, 2011
HARP 2.0 could mean 1.5 million new mortgages
22 Nov 2011
Posted by Andrew Kantor
The chief economist for Freddie Mac says that the recent changes made by the Obama Administration to HARP — the Home Affordable Refinance Program — could result in an additional $200 billion to $300 billion in mortgages over the next two years.
With that, Freddie Mac joins a chorus of organizations that see the revised HARP having a significant effect on the housing market. Both the Federal Housing Finance Agency and Moody’s Analytics said they expect HARP 2.0 to result in 1.6 million refinanced mortgages, while Keefe, Bruyette & Woods analysts said they expect refinances through HARP to increase 10% in both 2012 and 2013.