The Obama Administration should have a plan ready in the next couple of weeks that would revamp the government's Home Affordable Refinance Program, the secretary of the U.S. Department of Housing and Urban Development said on Tuesday at the Mortgage Bankers Association's annual convention.
With HARP responsible for less than one million refinances, "we need to pick up the pace," said HUD Secretary Shaun Donovan, adding that the administration has been engaged with various parties, including regulators and investors, on removing barriers to refinance "with commonsense steps."
As it stands now, the HARP program allows qualified borrowers to refinance even if their mortgage is up to 25% more than their home's value.
By expanding the program, the government would allow more people to take "advantage of the lowest interest rates in half a century," Donovan said.
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