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Obama's HARP: "The Mother of all No Doc Loans" Says John Capp of Sunstreet Mortgage

"It's the Mother of all No Doc Loans," says John Capp, one of Sunstreet Mortgage LLC's principals. 

In this interview on this evening's KOLD News, Capp talks about the proposed new HARP (Home Affordable Refinance Program) rules proposed by President Obama.  Click the link and take a listen.

CAUTION:  Just because the government says it's okay doesn't mean that the banks will go along...

That said, if the banks go along with this, you just may be one of the million homeowners that this could help.

That's a BIG if...

 

_____________________

I'm Mike in Tucson, your preferred Tucson Arizona Mortgage Lender

NMLS #223495

SUNSTREET MORTGAGE LLC ~ Correspondent Mortgage Bank
Offices in Mesa, Tucson, Sierra Vista & Nogales

Comment balloon 8 commentsMike Jones • October 26 2011 01:48AM

Comments

This is not new nor has it worked before.  Why would we believe it will now?

Posted by Tim Lorenz, 949 874-2247 (TIM LORENZ - Elite Home Sales Team) almost 8 years ago

GOOD MORNING MIKE!  Been getting a lot of calls about this!

Posted by Gabrielle Kamahele Rhind, Broker/Owner (KGC Properties LLC, Tucson Property Management & Real Estate) almost 8 years ago

Anxious to see how this plays out.

Posted by David Karp, Woodstock, Marietta GA Real Estate (Peachtree Realty Group, LLC) almost 8 years ago

Mike

The feed back on this program has not been good and normally when it pushed hard there's an problem.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) almost 8 years ago

Lou,

The problem has been that the Banks won't go along with the program as set forth by the administration.

David,

We'll find out on November 15th.

Gabrielle,

Me too.  Nothing is cast in stone yet, and the banks will have to agree in order for it to work.

Tim,

Everyone talks a good game.  We'll see what actually happens.

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) almost 8 years ago

Hi Mike, really nice post. This is great information and like any new program or expansion of a current program this can work if the big boys play ball. I am thinking like Capper said that it's likely that there were some meetings with the big banks to get some help in accepting some of this pill ahead of the announcement otherwise it's going to be one more egg on the face of the administration.

Posted by Michael Rohde (Sunstreet Mortgage LLC. Licensed Mortgage Professional) almost 8 years ago

As I understand it, the incentive for the banks is that they are going to be relieved of some of the puts that are in place from Fannie Mae and Freddie.

Posted by Ann Heitland, Retired from Flagstaff Real Estate Sales (Retired from RE/MAX Peak Properties) almost 8 years ago

I am sure there is a trade off somewhere involving the banks.  Time will tell.

Posted by Marge Piwowarski, Phoenix AZ Horse Property, LLC (Phoenix AZ Horse Property) almost 8 years ago

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