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HARP3?????

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Whispering? Rumor?News on a possible HARP 3.0? A company owner from California wrote, saying, "I received an email from one of our wholesale sources saying their owner was in Washington DC and met with senior HUD official(s) and member(s) of Senate Finance Committee who indicated a HARP III program by end of June. It will allow conforming loans to be refi'd through FHA regardless of LTV or note holder. There was no word on when a loan had to have funded to be eligible for refinancing under this rumored program. The timing is same time as FHA MI increases for high balance loans so perhaps this is a way to obtain upside-down notes of Fannie/Freddie and bank balance sheets, and increase capitalization for the FHA?" Source: Mortgage News Daily

Really? With HARP2 not even fully in place and constant changes being announced, now we are looking at HARP3? As good as this would sound the uproar can already be heard at the horizon!

Is the Government taking on more than they can handle?

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