SIFMA Statement on Changes to HARP

Release Date: October 24, 2011

Contact: Katrina Cavalli, 212.313.1181, kcavalli@sifma.org 

SIFMA Statement on Changes to HARP

New York, NY, October 24, 2011–SIFMA today issued the following statement from Randy Snook, executive vice president, business policies and practices, on the Federal Housing Finance Agency’s (FHFA) announcement of a number of changes to the Home Affordable Refinancing Program (HARP) that aim to expand the number of borrowers who are able to refinance their mortgage through this program:

“SIFMA supports FHFA’s efforts to improve the access of underwater borrowers to refinancing opportunities by removing some of the impediments in the original HARP program.  Improving the ability of mortgage borrowers to take advantage of low interest rates and obtain manageable monthly payments should help both borrowers and the economy, and we commend FHFA for their work on this issue.  Importantly, based on today’s release, the FHFA’s approach aims to preserve the confidence of investors in mortgage-backed securities.  Ensuring continued liquidity and investor confidence is essential to preserving the continued supply of affordable mortgage credit.”

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The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers.  SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets.  SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).  For more information, visit http://www.sifma.org.