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FHFA extends home refi program into 2011
WASHINGTON (3/2/10)—The Federal Housing Finance Agency on Monday announced that it has extended its Home Affordable Refinance Program (HARP) until June 30, 2011. HARP, which was set to expire on June 10 of this year, helps borrowers whose loan-to-value ratio is between 80% and 125% refinance without added mortgage insurance requirements. In comments accompanying the release, FHFA Acting Director Ed DeMarco said that the FHFA “has reviewed the current market situation and the state of mortgage insurance availability and has determined that the market conditions that necessitated the actions taken last year have not materially changed.” Under the HARP program, which began in April of last year, Fannie Mae and Freddie Mac helped refinance 190,810 mortgages in 2009. For the release, use the resource link.
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