Fannie and Freddie to Refinance Mortgages With Loan-to-Value Ratios of 125% Thursday, July 2, 9:09 AM ET
Struggling homeowners may soon be getting more help from Uncle Sam. Housing and Urban Development Secretary Shaun Donovan announced today that Fannie Mae (FNM) and Freddie Mac (FRE) will begin refinancing mortgages with loan-to-value ratios of 125 percent.
This will help homeowners who have seen the value of their home fall sharply, as they struggle to pay their mortgages.
Currently, Fannie and Freddie were only authorized to refinance loans with a 105 percent loan-to-value ratio.
Fannie and Freddie own or back more than half of single-family home mortgages in the U.S. Fannie Mae shares are trading at sixty cents Wednesday afternoon, up around three percent, while Freddie Mac shares are trading at sixty four cent, up about 3.2%.
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