Rates on jumbo loans of more than $729,750 in highest-priced markets rose during the financial crisis and lending standards tightened to the point where borrowers couldn't refinance or get a new loan.
The Home Affordable Refinance Program (HARP), which was supposed to expire June 10, will be extended for another year, the Federal Housing Finance Agency said in a statement.
Since HARP began last April, it has refinanced 190,180 mortgages. It is administered by Fannie Mae and Freddie Mac and aimed at borrowers with little or no equity in their homes.
This program is a sister to Home Affordable Modification Program (HAMP), which was severely criticized by Congress last week for failing to help enough struggling home owners.
http://www.realtor.org/RMODaily.nsf/pages/News2010030201?OpenDocument
A 10-question quiz on how much you know about the Real Estate Settlement Procedures Act has been updated to reflect the recent revamping of the HUD-1 and Good Faith Estimate. Try out the quiz so you can test your awareness of federal settlement rules.


