HARP Worked For Me: Thanks Obama!

A blog about business and economics.
March 9 2012 11:23 AM

HARP Worked For Me: Thanks Obama!

There's been a lot of criticism of the Obama administration's handling of the housing finance issue, but this blogger at least is proud to announce that he just this morning closed on a mortgage refinancing courtesy of the Home Affordable Refinance Program. The terms of this initiative are too stringent to assist anyone in really dire straights. You need a loan-to-value ratio of over 80% and you need to be current on your mortgage payments. But if you fit the terms, as I did, a little refinancing can put some extra money in your pocket each month.

Since the point of all this isn't just to do me a personal favor but to boost the overall American economy, I hereby solemnly swear to use the extra money exclusively on things that will increase the marginal product of capital thus boosting the natural rate of interest.

Matthew Yglesias is the executive editor of Vox and author of The Rent Is Too Damn High.