Currently banks and financial institutions are not required to accept HARP applicants based on existing guidelines issued by Fannie Mae & Freddie Mac. It is up to the banks whether to accept HARP applicants or not. And even if they do accept the applications, the banks are free to implement their own guidelines thereby making the Fannie Mae & Freddie Mac guidelines irrelevant. Because of this, many qualified homeowners are unable to avail of the HARP program even though the law says they qualify.
Therefore, we file this petition to mandate banks & financial institutions to accept all Fannie Mae & Freddie Mac mortgage-owned HARP applicants using the guidelines set forth by both enterprises (FNMA & FMCC) and not the own individual guidelines being used now by the financial institutions.
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