Last 3 Big Banks Join FHA’s Short-Refi Program
Last 3 Big Banks Join FHA’s Short-Refi Program
Last 3 Big Banks Join FHA’s Short-Refi Program
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March 16, 2011 (Shirley Allen)
mortgage-underwater-image
Just days after the House of Representatives voted to kill the Federal Housing Administration’s (FHA) Short Refinance Program, Bank of America, JPMorgan Chase, and Citigroup have joined Wells Fargo and Ally Financial/GMAC as participants in the struggling program.

The program enables homeowners in underwater mortgages to refinance out of a current, privately held non-FHA backed mortgage and into an FHA mortgage with a loan-to-value ratio of no more than 97.75 percent. The lender currently holding the mortgage must agree to write down the excess principal on the mortgage, with the government (the taxpayers) covering part of the cost.

The Obama Administration originally estimated this program would help between 500,000 and 1.5 million homeowners. However, only 44 mortgages have been refinanced through the program as of mid-February and only 245 applications have been submitted. The FHA launched the Short-Refi program September 7, 2010.

The House of Representatives voted 256 to 171 to kill the Federal Housing Administration’s (FHA) Short-Refi program citing the program as an example of wasteful government programs that spend more to save a single borrower than it costs to buy a home.

The Obama administration has defended the program as still getting up and running and that the number of homeowners assisted under the program has more than doubled over the past month.

One of the major criticisms of the program is that it takes a privately held, non-FHA mortgage loan, transfers it to the FHA, and if the borrower defaults, the responsibility would now fall on the taxpayers.

“The money from this program doesn’t go to the homeowner, it goes to the lender, it goes to the banks. And who pays for it? The taxpayers and ultimately our children and grandchildren because the federal government borrows 42 cents of every dollar it spends,” said Financial Services Committee Chairman Rep. Spencer Bachus. “This program is already allocated $50 million and has helped only 44 people. Do the math.”

Tags: FHA, short-refi program, refinance, mortgage loan, borrower, underwater mortgages

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Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

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15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
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See today's mortgage rates. Shop, compare and save.

March 16, 2011 (Shirley Allen)
mortgage-underwater-image
Just days after the House of Representatives voted to kill the Federal Housing Administration’s (FHA) Short Refinance Program, Bank of America, JPMorgan Chase, and Citigroup have joined Wells Fargo and Ally Financial/GMAC as participants in the struggling program.

The program enables homeowners in underwater mortgages to refinance out of a current, privately held non-FHA backed mortgage and into an FHA mortgage with a loan-to-value ratio of no more than 97.75 percent. The lender currently holding the mortgage must agree to write down the excess principal on the mortgage, with the government (the taxpayers) covering part of the cost.

The Obama Administration originally estimated this program would help between 500,000 and 1.5 million homeowners. However, only 44 mortgages have been refinanced through the program as of mid-February and only 245 applications have been submitted. The FHA launched the Short-Refi program September 7, 2010.

The House of Representatives voted 256 to 171 to kill the Federal Housing Administration’s (FHA) Short-Refi program citing the program as an example of wasteful government programs that spend more to save a single borrower than it costs to buy a home.

The Obama administration has defended the program as still getting up and running and that the number of homeowners assisted under the program has more than doubled over the past month.

One of the major criticisms of the program is that it takes a privately held, non-FHA mortgage loan, transfers it to the FHA, and if the borrower defaults, the responsibility would now fall on the taxpayers.

“The money from this program doesn’t go to the homeowner, it goes to the lender, it goes to the banks. And who pays for it? The taxpayers and ultimately our children and grandchildren because the federal government borrows 42 cents of every dollar it spends,” said Financial Services Committee Chairman Rep. Spencer Bachus. “This program is already allocated $50 million and has helped only 44 people. Do the math.”

Tags: FHA, short-refi program, refinance, mortgage loan, borrower, underwater mortgages

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

March 16, 2011 (Shirley Allen)
mortgage-underwater-image
Just days after the House of Representatives voted to kill the Federal Housing Administration’s (FHA) Short Refinance Program, Bank of America, JPMorgan Chase, and Citigroup have joined Wells Fargo and Ally Financial/GMAC as participants in the struggling program.

The program enables homeowners in underwater mortgages to refinance out of a current, privately held non-FHA backed mortgage and into an FHA mortgage with a loan-to-value ratio of no more than 97.75 percent. The lender currently holding the mortgage must agree to write down the excess principal on the mortgage, with the government (the taxpayers) covering part of the cost.

The Obama Administration originally estimated this program would help between 500,000 and 1.5 million homeowners. However, only 44 mortgages have been refinanced through the program as of mid-February and only 245 applications have been submitted. The FHA launched the Short-Refi program September 7, 2010.

The House of Representatives voted 256 to 171 to kill the Federal Housing Administration’s (FHA) Short-Refi program citing the program as an example of wasteful government programs that spend more to save a single borrower than it costs to buy a home.

The Obama administration has defended the program as still getting up and running and that the number of homeowners assisted under the program has more than doubled over the past month.

One of the major criticisms of the program is that it takes a privately held, non-FHA mortgage loan, transfers it to the FHA, and if the borrower defaults, the responsibility would now fall on the taxpayers.

“The money from this program doesn’t go to the homeowner, it goes to the lender, it goes to the banks. And who pays for it? The taxpayers and ultimately our children and grandchildren because the federal government borrows 42 cents of every dollar it spends,” said Financial Services Committee Chairman Rep. Spencer Bachus. “This program is already allocated $50 million and has helped only 44 people. Do the math.”

Tags: FHA, short-refi program, refinance, mortgage loan, borrower, underwater mortgages

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.