HARP 3.0 Update

 Last week, Senators Boxer and Menendez reintroduced a bill to Congress that would allow more “responsible home owners” to refinance under the Home Affordable Refinance Program (aka HARP 3).

From the Press Release:

The current average interest rate for a 30-year mortgage is 3.53 percent – a rate that remains near its historical low. Nevertheless, there are nearly 12 million homeowners with loans guaranteed by Fannie Mae and Freddie Mac who could benefit from refinancing, many of whom cannot refinance at a lower rate because of unnecessary red tape and high fees. That red tape has limited competition among banks, so borrowers – even those who are able to refinance – end up paying higher interest rates than they would if they were able to shop around.

Under the Administration’s current refinancing program (HARP), an average homeowner saves about $2,500 per year. This bill would increase the amount they could save and expand refinancing opportunities for millions of eligible borrowers.

S. 249, The Responsible Homeowner Refinancing Act of 2013 removes the barriers preventing these Fannie Mae and Freddie Mac borrowers from refinancing their loans at the lowest rate possible. The bill would:

  • Ensure that streamlined refinancing is available and consistent for all Fannie and Freddie borrowers, regardless of whether they are underwater or not

  • Reduce up-front fees on refinances

  • Eliminate appraisal costs for all borrowers

  • Remove additional barriers to competition

  • Extend HARP by one year, to allow eligible borrowers more time to access the program.

From this press release, I’m not seeing where this bill would help responsible home owners who do not have mortgages securitized by Fannie Mae or Freddie Mac nor am I seeing that this bill would remove the requirement that the mortgage be securitized prior to June 1, 2009.

Stay tuned…I’ll continue to keep you posted.


  1. Looks like the text of the bill hasn’t been posted yet — looking forward to seeing the actual provisions.

    • I am one of those people that submitted a letter to my Congressman regarding HARP 2.0 cut off date when the Menendez-Boxer bill was first introduced to Congress. I also signed all petitions related to elimination of the securitized cut off date 4/1/2009. Therefore, if the Menendez-Boxer bill becomes law and the securitized date of April 2009 remains, I am doomed? And once again I will be left behind because that cut off date is what had excluded me from being able to refinace at a lower rate.

      That would seem like: Liberty and justice for some!!!!

  2. I’m looking forward to it as well, Mike!

    Here’s an article which may share some information about “HARP 3.0” or “HARP 2.1”


    • Larry Kronquist says

      Rhonda, did you see this AP article in the Seattle Times on Sunday?

      “Mortgage bill faces tough road in Congress”


      The article says that, “Among the bill’s supporters are the Mortgage Bankers Association, the National Association of Realtors and the National Association of Home Builders.”

      Can you tell me why, with that kind of support, not a single Republican senator has signed on as a co-sponsor? You would think that the Mortgage Bankers Association, the National Association of Realtors and the National Association of Home Builders would have some sway over the Republicans in Congress!!!

      Does it simply boil down to the fact that, if it’s something that Obama supports, the Republicans are automatically going to oppose it, no matter how much it might benefit the economy? Do you belong to the Mortgage Bankers Association yourself?

      I would be interested in any suggestions you have for ways to coalesce more political support for this bill, and to make sure that it includes expanding the timeframe for eligibility past the June 1, 2009 cutoff date. Thank you.

      Larry Kronquist
      Olympia, WA

      • We do seem to have a divided Congress, Larry. I don’t think either side has done much to work with the either on the Peoples behalf. I would love to see us have campaign reform, reduce the power of lobbyist, term limits and perhaps do away with the current party system – it doesn’t seem to be working.

  3. Thank you for researching and providing this kind of information. I am discouraged to see that the requirement that the mortgage be securitized by June 1, 2009 is not being considered for revision if I understood your article. I literally miss this requirement by less than a month, otherwise I would qualify and with an interest rate of 4.875 I would surely benefit.

  4. Once again, this will do nothing for me… do not have a Fannie or Freddie Loan. Ugh, I’m so frustrated!

    • P de Silva says

      HARP 3.0 refinance the only hope for refinance those who do not have loans backed by Fannie Mae and Freddie Mac I created a petition begging this to pass please show your support on the whitehouse we the people link section following this link we can make it happen thank you http://wh.gov/7Zpx

    • Brandy, I’m with ya. The ones that are as above note says”doomed”, we all are let down by our government by dictating who can get a refinance and who can’t. If they would get off their high horses and make it so we all can get lower rates and such, the economy would most likely jump back strong. Now they say it can be another year to wait. To bad congress people wont go through what we go through. Right with ya FRUSTRATED!

  5. Frank Schiller says

    Can anyone help me i have a loan with HSBC they tell me they do not have to help me because they did not take any bail out money.They would rather me do a short-sale or deed in lou rather then give me Modifcation.

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