There’s an interesting article out today by Christina Mlynski, discussing the new nominee for the Head of the FHFA. The Obama administration recently nominated NC Congressman Mel Watt for this job. It’s the MASSIVE Agency that resides over HUD, Fannie Mae, Freddie Mac – all things mortgage. Apparently, these are the guys who initially came up with the much “controversial” FHA PMI Endorsement Date of May 31, 2009 for FHA Streamline Refinances.
In her post she quotes JP Morgan as saying they feel that if he actually becomes the head of the Agency, Watt would push the May 2009 date for HARP refinances back, allowing more homeowners the opportunity to refinance. My question is, could this also affect the FHA PMI Endorsement Date for FHA Streamline Refinances?
Again, to be clear, the point to this article was that there was a real opportunity in the minds of Investors at JP Morgan that the date to be eligible for a HARP refinance could be pushed back, there’s no mention of the FHA Streamline Endorsement Date changing – however, logic for changing one date would dictate (in my mind anyway) that the logic would transfer to the FHA Streamline and the reduced FHA PMI rates. Congress would do well to listen to this logic! [Read more...]