Las Vegas - 125% LTV HARP program

On july 1st 2009,Treasury Secretary Tim Geither announced the expansion of the current making Home Affordable program to people who are having the home values upside down upto 125%,condition to they being current till date.

Ironically this announcement was made by Tim Geither at Las Vegas which is considered the ground zero of the current subprime crisis.Its a welcome move once again by the obama admin ,but we have to wait and see if there is really any positive impact of these plans for the homeowners.Because though the Obama govt is making fanrasric plans ,none of the implementations have been successful so far.

last month we saw a steady increase in the number of foreclosure defaults of people who had modified their loan during last quarter 08. So we still dont know if this new program leads to loan modification or refinance