So HARP has decided to continue wasting more taxpayer money. They’ve actually improved in only one area since they were started – hiding how they waste money. Let me explain a little bit before you start with the harsh judgments.
Basically, Fannie and Freddie refinanced almost 100,000 loans through HARP in January. That’s impressive, right? But here’s the catch.
47% of the refis were for underwater homeowners.
That’s a shocking statistic and shows you just how misguided HARP is. Think of it like this:
Refinancing is supposed to help homeowners meet their mortgage payments by giving them better terms. Well, that’s all well and good. But imagine taking someone who might very well be able to afford his payments, but what he really wants to do is get out of his sinking ship of a home, and forcing a new loan on him.
That’s ridiculous. When you’re in the short-sale business you look at the real estate market from a smarter angle. You see what it means for a homeowner to be in a home that’s just not right for him. Or for a buyer to see potential where others don’t.
It’s not about enforcing the status quo, keeping people in homes they really don’t want to stay in. It’s about changing the landscape and finding new opportunities for everyone.
So HARP continues to get on my nerves. Stick to the area you’re supposed to be in, help struggling homeowners, and leave the big decisions to us.