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What is “Making Home Affordable” all about?

The Making Home Affordable Program is part of the Obama Administration’s broad, comprehensive strategy to get the economy and the housing market back on track. The Making Home Affordable Program offers strong options for homeowners: (1) refinancing mortgage loans through the Home Affordable Refinance Program (HARP), (2) modifying first and second mortgage loans through the Home Affordable Modification Program (HAMP) and the Second Lien Modification Program (2MP), (3) providing temporary assistance to unemployed homeowners through the Home Affordable Unemployment Program (UP), and (4) offering other alternatives to foreclosure through the Home Affordable Foreclosure Alternatives Program (HAFA).

The Home Affordable Refinancing Program (HARP) has accomplished little

NEW YORK (CNNMONEY.COM) — The Mortgage Bankers Association on Monday slashed its estimate of the number of mortgages its members will issue in 2009. One reason: Few refinancings are being done under the Obama administration’s ballyhooed Home Affordable Refinance Program.

The MBA is forecasting mortgage originations of $2.03 trillion for the year, a drop of over $700 billion from its March forecast with more than $600 billion of the drop due to fewer refinancings than originally predicted.

Only 13,000 HARP refinancings have been completed during the first three months after the program’s launch, according to the MBA. Policy makers originally projected that 4 to 5 million mortgage borrowers would take advantage of the program over the next year.
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