Any underwater borrower, no matter how much negative equity they have, will be able to apply for a HARP refinance.
However, the number of applications for refinancing declined. What will the future bring?
Thirty-year rates drop to a record low of 3.94%. But will consumers be able to take advantage?
Some of these blunders are made because we're slackers, some because we're just too optimistic for our own good.
Mortgage rates are the lowest since the government began keeping track in 1971 and could go lower still.
Alas, few homeowners qualify for refinancing, and big government refinance initiatives face big obstacles.
People who can refinance often prefer a mortgage of less than 30 or even 20 years. It's part of a larger movement to get a grip on consumer debt.
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MONEY & POLITICS
Breaking up big banks is an untested solution to the too big to fail problem that attempts to isolate and dismantle large, troubled institutions while protecting the rest of the economy.
The IRS is struggling to combat identify thieves who file fraudulent tax returns in the names of older residents who don't need to file.