Mortgage Plan Touted by Obama Could Help 900,000 Borrowers
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A U.S. government plan to help borrowers get lower-interest mortgages for their devalued homes drew praise from banks including Wells Fargo & Co. while bond traders braced for a wave of refinancings.
The Federal Housing Finance Agency said yesterday it would allow qualified homeowners to refinance no matter how much their homes have declined in value, expanding the terms of the 2009 Home Affordable Refinance Program. The agency, which oversees Fannie Mae and Freddie Mac, said it would also eliminate some fees, reduce others and waive some risk for lenders.