Till the President’s speech, I experienced thought that HARP system passed away in the past and was actually mercifully buried regarding the Graveyard out of Bad Ideas. Thus, immediately following his Sep 8 speech, I became curious to know just what HUD Assistant Donovan needed to say for the NPR a day later. Perhaps the Government had assembled certain fix. Anyway, they had 2 ? decades to find out as to the reasons it did not works the 1st time. Here is what Assistant Donovan informed Robert Siegel, off NPR:

DONOVAN: This is actually the procedure, Robert. We’ve got started able to assist nearly 900,000 group re-finance that happen to be because status. The issue that individuals found is just as we set this efforts, and therefore i call HARP, into the effect, whatever you located is because our very own financial program was thus complicated, given that we’d sliced and you can diced this type of mortgages in another way because the we had you to company servicing all of them while some you to definitely had all of them, there are some barriers that will be updates in how out-of much more household refinancing. [Read more…]