Monday, October 24, 2011
Much ado about nothing, again
Back in the spring of 2009, the Obama administration began its Home Affordable Refinance Program to assist people in refinancing their mortgages. It turned out to have been a failure, with fewer than 900,000 borrowers taking advantage of it, far short of the target of 5 million borrowers. The President is now revisiting the program by loosening the standards further. It's tough to see how this will do much of anything except allow a some people to take advantage of lower interest rates to reduce their mortgage payments. It will do absolutely nothing to boost the market or to speed up the adjustments in the housing market. Even CNN is able to figure that out.