HARP Significantly Reduced Mortgage Default Rates

Brief

HARP Significantly Reduced Mortgage Default Rates

September 3, 2014

Abstract

This commentary discusses the impact of the federal government's Home Affordable Refinance Program (HARP) on mortgage loan default rates between April 2009 and November 2011. We analyze a unique borrower-level data set from Freddie Mac and conclude that HARP more than halved the default rate, a material and significant improvement.

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