HARP To Play New Tune: Preventing Doylestown Bankruptcy and Foreclosure
October 25, 2011
President Obama on Monday announced a major overhaul to the Home Affordable Refinancing Program (HARP) in an effort to help those facing foreclosure. The move is also aimed to stimulate the national economy, generally, as the avoidance of foreclosures means less REO ("real estate owned" or bank owned) property and improved investment and expenditure. HARP was intended, when originally passed in 2009, to do these very same things, but the program has far under performed. Some of the reasons for failure seem to be addressed in this 2011 iteration.
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