Fannie, Freddie Extend Refinancing To More Homeowners

Law360, New York (October 24, 2011, 2:39 PM EDT) -- More homeowners will be eligible to refinance their loans — regardless of how far their home values have fallen — under an overhaul of a little-used federal program, the Federal Housing Finance Agency announced Monday.

The changes to the Home Affordable Refinance Program will allow more "underwater" borrowers — those who owe more than their homes are worth — to refinance by dropping equity requirements and eliminating some fees currently charged to risky borrowers, said the FHFA, which is tasked with overseeing mortgage-buying agencies Fannie Mae...
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