It seems clear that changes made to the HARP program late last year have spurred a strong wave of usage that the industry didn’t anticipate. It doesn’t matter, of course: mortgage bankers are now writing new HARP loans left and right and competition is picking up thanks to Fannie Mae and Freddie Mac upgrading their AU systems. But one GOP lobbyist I know contends that almost all of the new mortgage programs aimed at helping troubled mortgagors introduced during the Obama White House have been immense failures. This may be true to some degree, but did anyone really think that HARP’s forebears would be a huge success? Meanwhile, the industry is still waiting for HARP 3.0 which would be aimed at non-government backed loans.
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