Fannie, Freddie to expand refinance program: source

01 July 2009 @ 12:40 pm EDT

Fannie Mae and Freddie Mac will expand their foreclosure-prevention efforts and refinance homeowners whose loan-to-value ratio is 125 percent, an administration source said on Wednesday.


The headquarters of mortgage lender Fannie Mae is shown in Washington
The headquarters of mortgage lender Fannie Mae is shown in Washington September 8, 2008.
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Under current rules, the mortgage finance companies may refinance only borrowers whose mortgage loan-to-value ratio is 105 percent. The new policy is intended to aid more struggling borrowers who have seen their property lose value in the recent years of a housing crisis.

(Reporting by Patrick Rucker; Editing by Chizu Nomiyama)

Copyright 2009 Thomson Reuters. All rights reserved.

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