Laurie Goodman, a highly respected mortgage analyst, presented at a Senate hearing on mortgage refinancing yesterday. Attached is her testimony. She focused on the problems with HARP 2.0. As she put it…”the largest banks have been given the opportunity to extract monopoly profits on HARP refis”….READ IT….DON’T SHOOT THE MESSENGER!
“We believe that a broader refinancing plan which allows the transfer of risk on higher loan-to-value ratio (i.e. underwater) mortgages owned by bank portfolios or investors in private label securities, to the government, would basically be a taxpayer bailout for both bank portfolios and private label investors. We believe this would be a very inefficient application of taxpayer money….”
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