Does anyone in government feel sorry enough for jumbo borrowers that they would design a HARP program to help these (presumably) high net worth individuals take advantage of a 3.5% fixed-rate mortgage? Answer: probably not. (Both the Tea Party faction of the GOP and liberal Democrats would have a fit.) It’s almost certain that underwater jumbo mortgagors would love to refinance at today’s rates but cannot because they lack equity. Then again, if all these reports we keep hearing about the housing market firming up turn out to be true, within 12 months negative equity might actually turn into positive equity. Or so we can dream.
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