Watt Blames Homeowner Skepticism for HARP Slowdown

first_imgSubscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Sign up for DS News Daily Related Articles  Print This Post Chicago HARP Illinois Refinance 2014-07-08 Derek Templeton Derek Templeton is an attorney based in Dallas, Texas. He practices in the areas of real estate, financial services, and general corporate transactional law. His experience includes time as an Attorney Adviser for the U.S. Small Business Administration and as General Counsel for a nonprofit organization in Dallas. A self-avowed “policy junkie,” he has a keen interest in the effect that evolving federal policy has on the mortgage, default servicing, and greater housing industries. Tagged with: Chicago HARP Illinois Refinance Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Derek Templeton July 8, 2014 1,194 Views In a town hall style meeting in Chicago Tuesday, Mel Watt, Director of the Federal Housing Finance Agency (FHFA), blamed fear of being taken in by a scam for eligible homeowner’s reluctance to take advantage of the Home Affordable Refinance program (HARP).”We are down to the people who don’t believe this is a credible program,” Watt said in a meeting with community groups and housing counseling agencies at a Chicago Public Library branch. “We’ve got approximately $72 million that we’d like to give away in this metropolitan area. People won’t come in and say I want that money.”According to an FHFA report, the number of homeowners refinancing monthly through HARP has dropped nationally, to just under 20,000 loans in April 2014, down year-over-year from almost 107,000 in April 2013.HUD contends that on average, homeowners who refinance through HARP are saving $191 per month by lowering their interest rates. HARP allows homeowners to refinance regardless of if they owe more on the home than it is actually worth.The Chicago event was anticipated because there was some speculation that Watt could announce an extension for the program, which is currently set to expire in December of 2015. The speculation proved fruitless however, with no such announcement taking place.Instead Watt announced that Chicago was going to be the second city admitted into the federal government’s pilot Neighborhood Stabilization Initiative intended to assist homeowners who are behind on their mortgages, help neighborhoods recover, and reduce the inventory of REO properties held by Fannie Mae and Freddie Mac. Detroit, the first city in the program, was admitted in May.HUD estimates that hundreds of thousands of citizens nationwide, including 36,000 in the City of Chicago alone, are eligible to benefit from HARP but have yet to step forward. Officials have noted that as interest rates rise, the incentive to participate fades.With more promotional events scheduled in the coming months in cities around the nation, the push is on to get as many eligible homeowners as possible into a refinance before an interest rate increase shrinks the eligibility pool. Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: CFPB Issues Ruling to keep Heirs from Falling into Foreclosure Next: Possibility of a New Bubble Concerns Lenders The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Watt Blames Homeowner Skepticism for HARP Slowdown Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Watt Blames Homeowner Skepticism for HARP Slowdown Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, Headlines, Magazine, News, State Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Disaster Management dept to give satellite phones to district authorities

first_imgKolkata: The state Disaster Management and Civil Defence department has decided to give satellite phones to district authorities, to ensure uninterrupted communication even during natural calamities and other emergency situations.According to a senior official of the state Disaster Management and Civil Defence department, it has often been found that mobile phones lose network connection when there is a natural calamity.In a bid to ensure that inter-district communication and communication with the state government headquarters stay uninterrupted at the time of an emergency, the district authorities will be provided with satellite phones. Also Read – Heavy rain hits traffic, flightsSources said that initially, 16 satellite phones will be distributed among the districts and gradually, connectivity using satellite phones will be established with all the districts.The officials from districts have also been provided with all sorts of training necessary to operate satellite phones. It will ensure uninterrupted connectivity with the districts, even during an emergency.It may be mentioned that the state Disaster Management and Civil Defence department has also planned to set up Quick Response Teams (QRT) for each district, to ensure better help to people during an emergency situation. Also Read – Speeding Jaguar crashes into Merc, 2 B’deshi bystanders killedThe decision to set up QRTs was taken after a District Disaster Management Authority (DDMA) came into existence in each district.Civil Defence Volunteers will be part of the QRTs and the number of volunteers in each team will be depending on the number of sub-divisions in the district. There will be around 25 volunteers for each sub-division. This comes at the time when the department has become immensely successful in reducing the number of deaths due to lightning, by introducing a system in which people get alerted at least 45 minutes before lightning strikes an area. It is helping people to reach a safe place in the time they are getting after receiving the alert.last_img read more