Many homeowners do not qualify for the Home Affordable Refinance Program simply because their loan was sold to Fannie Mae or Freddie Mac after May 31st, 2009.
Because homeowners have no control over the sale of their mortgage to those institutions, they should not be penalized. Besides, many homeowners may have chosen to refinance through conventional channels in 2008 and beyond because they lost part of their income, in order to secure a more manageable loan. Three years later, many have not recovered their lost income and could really benefit from lower interest rates, but cannot afford the cost of a conventional refinancing or do not even qualify for it.
Eliminating that deadline would go a long way towards boosting the middle-class and the economy at large.