The Home Affordable Refinance Program (HARP) and Home Affordable Modification Program (Hamp) have operated for for several years and have only helped a small fraction of the tens of millions of home owners seeking relief. One of the major reasons Over 50% of those seeking refinance have not utilized the program, is because the program bars the loan if it is not backed by Freddie Mac, Fannie Mae, or FHA.
For the Tens of millions of home owners who could refinance to a fixed rate, and a lower rate, they are unable to because of the housing market for the last 5 years. HAMP and HARP, allow selected loan types to benefit from lower interest rates regardless of the houses current market value so long as they meet fiscal requirements.
Open HARP and HAMP to ALL loan types for one year.