March 19th, Full Blown HARP 2.0 for Fannie & Freddie
In October 2011 the gov't Housing Urban Development(HUD) announced policy changes that would allow anyone with a Fannie Mae or Freddie Mac loan to refinance as long as payments had been paid As Agreed(AA).
The Loan-to-value(LTV) did not matter, so the appraisal isn't necessary.
The only problem is the gov't computers were not set up to handle LTVs above 125%. So it has taken the GSEs and Demarco, the head of FHFA, 5 months to reconfigure their computers to accommodate the process. As far as I am concerned, DeMarco would have been gone after that but, President Obama has been gracious to him.
Last Monday, March 12th Freddie Mac started processing their mortgages and tommorrow, March 19th, Fannie Mae will start offering their mortgages for refinance.