Fannie And Freddie To Expand Mortgage Rescue
July 3, 2009 by admin
The Obama administration has expanded its plan to use government-controlled lenders Fannie Mae and Freddie Mac to help struggling mortgage borrowers with homes that are worth far less than they paid for them during the housing bubble.
On Wednesday, the Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac are now authorized to refinance loans to borrowers with homes worth substantially less than their current mortgages–up to 25% less–under the Home Affordable Refinance Program (HARP). Initially, the program only helped borrowers who were slightly underwater, with loans worth up to 5% more than their residence. Read more about refinancing…
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