Think this is a good idea? I think it is, but not sure what the hell it'll do to the economy. The program only affects 5 million people, and reports state that the program doesn't even affect 10% of that figure... What do you guys think?
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Not a big deal. Something like $200bn 30-year 6%+ FN and FH pools will be eligible, that's not even factoring in the fact that these new incentives to refi are probably still not good enough for a lot of the homeowners. HARP refis will probably double to about 2 million before program ends in 2013, which is very very insignificant and way under the goals initially set at HARP's inception.
Maybe if they offered the same incentives to homeowners with LTVs of 80%...
More interventionism in the housing / mortgage markets. Look at how low mortgage rates are. People should refinance on their own. If they can't refinance because of credit quality, then modifying loans and variable rates will only serve to repeat dire consequences when/if rates inevitably rise. That was part of the initial problem.
Ironic how every politician loves saying they'd like to make housing more affordable, increase home ownership, blah blah blah. Meanwhile their biggest fear is that, God forbid, we actually let supply and demand bring the prices of homes down naturally, where, they would take on the aforementioned affordability.
We hear the economists talk about slack capacity. In the words of Lawrence White (George Mason), slack capacity to do what exactly?
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