This from a piece by Joe Gagnon, discussing the recent announcement regarding the Home Affordable Refinance Program (HARP).
"The Administration plans to improve HARP in several dimensions, most notably by removing the 125 percent loan-to-value ceiling, by eliminating the need for a new appraisal in many cases, by lowering fees for borrowers, and by waiving some representations and warranties that lenders are required to make to the housing agencies."
As background, the program was originally set up to allow those with Fannie and Freddie guaranteed loans to re-finance even if they were currently above the traditional 80% LTV limit. You know, so they could go out and spend more money on iPads.
