Tag Archives: Banks Profit From Helping Home Owners Refinance

By helping home owners refinance their mortgages into low interest rates, banks are finding unexpected profits. Banks stand to earn as much as $12 billion in revenue this year by refinancing mortgages under the government program known as Home Affordable Refinance Program (HARP), Nomura Holdings Inc. estimates. The government revised its HARP program last year to encourage more banks to refinance mortgages of underwater home owners, helping these home owners take advantage of record low interest rates and cut their monthly mortgage payments. But critics say the change in the […]