The President announced yesterday that thousands of Homeowners who could not refinance their home in the past due to being under water may not have the possibility of doing so.  This program will most likely be introduced to us by mid November, and officially available after December 1st.  If you or someone you know would like to refinance, but were unable to in the past due to being negative in equity, now may just be your opportunity.  Feel free to call or email me with any questions you may have:  719-499-8061 or mhenn@ccmclending.com. - Melanie Henn, Branch Manager/CML

New HARP program

The administration will be implementing a change to the HARP program this morning. The attached press release details the changes to the existing HARP program.

• LTV requirements will be waived for borrowers looking to refinance FNMA/FHLMC loans
• The loan-level fee structure will be altered
• Loans must have been sold to FNMA/FHLMC before May 2009 to be eligible
• Existing HARP loans are not eligible unless they were originated between March-May 2009

Currently, the HARP program allows borrowers to refinance with LTVs of up to 125% – as long as they are current, and are employed.

This program will likely begin by December 1, although capacity limits may result in a delay for some investors.

This is all of the information that I have at this time. I will provide updates as information is released from the agencies and the investors