The Obama Administrations Home Affordable Refinance Program has made some changes and is here to help some homeowners who have made payments on their struggling mortgages by getting them lower interest rates on loans. The article Mortgage-aid revisions paying off for lenders and some borrowers posted in the Los Angeles Times are mentioning that the program has resulted in mixed feelings. Some homeowners who are getting the lower interest loans are approved even though they owe more than what their homes are worth and are getting stuck with higher rates as banks are refinancing only their own borrowers. Rates would definitely go down if banks would compete against each other.
Home Affordability Refinance Program is Helping Homeowners Reduce Their Interest Rates