Refinancing the American dream : a modern history of federal policy aimed at ending America’s housing crisis



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This report seeks to outline recent federal policy regarding home mortgage finance, specifically the Home Affordable Refinance Program (HARP), the main tool of the Making Home Affordable Program (MHA), which is aimed at helping the United States recover from the housing crisis it has been experiencing ever since the mid-late 2000s. A modern history of federal policy on home mortgage finance will help to set the stage for the reader for what has been one of the most difficult housing disasters that America has ever seen. After outlining HARP’s background, the background of the housing crisis, the roles of Government-sponsored entities, and the effectiveness of the most current federal responses to the crisis, this report will detail policy recommendations and changes to the current programs that may help to further alleviate the problems discussed in this report, and more effectively achieve the stated goals of the MHA and HARP.