Free Republic

Put into place in 2009, the Home Affordable Modification Program (HAMP) and the Home Affordable Relief Program (HARP) has been extended for two more years by the Obama Administration. The Home Affordable Modification Program (HAMP) had the goal of helping 3 to 4 million borrowers avoid foreclosure. So far fewer than one million borrowers are in permanent modifications, and default rates on these modifications are high. As of March 31, 2013, the oldest HAMP permanent modifications, from the third and fourth quarter of 2009, are redefaulting at a rate of 46.1 percent and 39.1 percent. HAMP permanent modifications from 2010...

US Refinancing Boom Seen At End As Long Tsy Ylds Soar . By Julie Haviv Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Tuesday's sharp sell-off in Treasury securities affirmed what many economists and analysts had believed: The end is very much in sight for the longest, loftiest refinancing wave in history. What's more, the end may be coming sooner than some thought. Long-term mortgage rates are tied to shifts in Treasury securities, and when those yields rise, mortgage rates rise in sync. Long-end Treasurys sold off sharply after Federal Reserve Chairman Alan Greenspan, in testimony to the House Financial Services...