July 18, 2024

government home loan programs

The accusation can be made that government programs never come in at their projected costs or finish on time. The government’s current Home Affordable Refinance Program is a prime example. The Obama administration’s  Home Affordable Refinance Program was scheduled to end on June 10 .  Now it will run  to June 30, 2011, the Federal Housing Finance Agency said Monday.

The program allows borrowers, who owe up to 25 percent more than their homes are worth, to refinance to lower interest rates.

In my opinion, the real news here is that this program was originally projected to help 4 million to 5 million homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac., but, so far, it has helped around 220,000, according to the Treasury Department.

Gosh, I wonder if the government’s health care cost projections will be as far out as this program has been.

San Francisco real estate lawyers

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