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Banks Launch Mortgage Refinancing Program

By Kevin Spak, Newser Staff

Posted Apr 10, 2009 8:26 AM CDT

(Newser) – The country’s top lenders are slowly implementing the Obama administration’s plan to help otherwise ineligible borrowers to refinance their mortgages at the current bargain-basement rates, the Wall Street Journal reports. The program is open to those with mortgages owned by Freddie Mac or... Read full story »

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(NEWSER) - The Obama administration will propose dissolving Fannie Mae and Freddie Mac and reducing the federal government’s role in the mortgage market, sources tell the Wall Street Journal . The White House is set to release three plans for moving forward without the government-owned mortgage giants, which originated nine out of every 10 loans last year. Advancing all three plans might prevent an all-out partisan brawl between conservatives, who blame Fannie and Freddie for the financial crisis, and liberals, who say borrowing costs will skyrocket without government help, according to one former Obama treasury official. More»

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Banks Launch Mortgage Refinancing Program

housing market • mortgage • Freddie Mac • Fannie Mae • mortgage rates • refinanced mortgages • Obama administration

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More Newser Stories

White House: Let's Kill Fannie, Freddie

Obama administration wants to get out of the mortgage market

US May Let Millions Refinance at 4%

Proposal could save homeowners $85B annually

$26B Mortgage Settlement a 'Modest' Help: Experts

Many struggling homeowners not covered in deal

Freddie Mac Bet Billions Against Homeowners

Has financial stake in limiting refinancing for struggling people

Obama Housing Rescue Plan Leaves Many Out in Cold

Criteria keep many who need help from refinancing under the plan

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