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The National Urban League Wire
Published: Wed. Dec 31, 1969 at 7:00 pm | Updated: Mon. Jun 23, 2014 at 3:07 pm | Comments: 0
Kicking off in urban cities around the nation, the Federal Housing Finance Agency (FHFA) will host a series of homeowner mortgage refinance events as part of the Home Affordable Refinance Program (HARP).
FHFA, led by Director Mel Watt, has introduced several initiatives to prevent foreclosures and to help distressed homeowners save on their monthly mortgage payments, including the Neighborhood Stabilization Initiative (NSI) pilot program, and the retargeting of HARP.
Once underway, the NSI pilot program will implement pre- and post-foreclosure activities, including stronger loan modification, and partnering with nonprofits earlier in the Real Estate Owned property (REO) sales process. This program will begin in Detroit and expand to other hard hit communities soon thereafter.
With nearly 5 million foreclosures in the US, and an additional two to three million more foreclosures up the pike, we have waited eagerly to see how the new Director of the Federal Housing Finance Agency (FHFA), former Congressman, Mel Watt (D-NC), would seek to repair our $11 trillion housing finance system.
The National Urban League commends Director Watt for upholding May 2014 announcement of FHFA’s 2014 Strategic Plan and Score Card, representing a new direction for the agency. The Urban League will continue its housing advocacy efforts, including opposition to the Johnson-Crapo housing finance reform bill, to help increase access to the traditional housing market for communities of color.
According to Quicken Loans, more than 2.5 million households have taken advantage of the HARP program. However there are approximately 750,000 borrowers who qualify but are not currently enrolled.
As a result, FHFA is evaluating ways to target HARP outreach efforts to reach these potentially at-risk borrowers..
Several cities have been chosen for this outreach effort. The first outreach event will take place in Chicago on July 8, 2014.
FHFA will work with our Chicago and Quad Cities affiliates to encourage as many eligible Chicagoans as possible to attend the event (FHFA will release more information related to the initiative over the next few days.)
Save the Date for an upcoming meeting in Chicago to discuss the Home Affordable Refinance Program hosted by the Federal Housing Finance Agency. The goal of the meeting will be to explore local strategies to help more homeowners refinance their mortgage. Should you have any questions, feel free to email HARPChicago@fhfa.gov. Additional information will follow.
FHFA, led by Director Mel Watt, has introduced several initiatives to prevent foreclosures and to help distressed homeowners save on their monthly mortgage payments, including the Neighborhood Stabilization Initiative (NSI) pilot program, and the retargeting of HARP.Once underway, the NSI pilot program will implement pre- and post-foreclosure activities, including stronger loan modification, and partnering with nonprofits earlier in the Real Estate Owned property (REO) sales process. This program will begin in Detroit and expand to other hard hit communities soon thereafter.
With nearly 5 million foreclosures in the US, and an additional two to three million more foreclosures up the pike, we have waited eagerly to see how the new Director of the Federal Housing Finance Agency (FHFA), former Congressman, Mel Watt (D-NC), would seek to repair our $11 trillion housing finance system.
The National Urban League commends Director Watt for upholding May 2014 announcement of FHFA’s 2014 Strategic Plan and Score Card, representing a new direction for the agency. The Urban League will continue its housing advocacy efforts, including opposition to the Johnson-Crapo housing finance reform bill, to help increase access to the traditional housing market for communities of color.
Background:
HARPlaunched in 2009 to stimulate the economy, allows homeowners who have loans with Fannie Mae & Freddie Mac and with less than 20 percent equity, to refinance their mortgages without meeting certain criteria.According to Quicken Loans, more than 2.5 million households have taken advantage of the HARP program. However there are approximately 750,000 borrowers who qualify but are not currently enrolled.
As a result, FHFA is evaluating ways to target HARP outreach efforts to reach these potentially at-risk borrowers..
Several cities have been chosen for this outreach effort. The first outreach event will take place in Chicago on July 8, 2014.
FHFA will work with our Chicago and Quad Cities affiliates to encourage as many eligible Chicagoans as possible to attend the event (FHFA will release more information related to the initiative over the next few days.)
Save the Date for an upcoming meeting in Chicago to discuss the Home Affordable Refinance Program hosted by the Federal Housing Finance Agency. The goal of the meeting will be to explore local strategies to help more homeowners refinance their mortgage. Should you have any questions, feel free to email HARPChicago@fhfa.gov. Additional information will follow.
