HARP is one of two government programs aimed at helping homeowners who are current on their mortgage — but have little to no equity — refinance their mortgage into a lower interest rate.
Rolling Jubilee wants to buy up distressed consumer debt, including underwater mortgages, and discharge it, meaning the borrowers won’t have to pay their outstanding balances.
According to Zillow’s third quarter Negative Equity Report, negative equity for homeowners with mortgages has fallen to 28.2 percent, down from 30.9 percent in the second quarter.
Nowhere does the pace of the housing market recovery matter more for President Barack Obama and former Gov. Mitt Romney than the nation’s so-called swing states.
It may not be as sexy a term as “earworm” or, well, “sexting,” but the addition of “underwater” speaks volumes about the impact of the financial crisis.
