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October 24, 2011

Obama’s incremental effort to save the housing market – The Washington Post

by billthemortgageguy

Mr. Obama’s most recent attempt is a plan, unveiled in a Las Vegas speech Monday, to ease refinancing at today’s record low rates for underwater homeowners. To qualify, a borrower must be current on his or her mortgage, which must, in turn, be among those underwritten before June 2009. The mortgages also must have a current loan-to-value ratio greater than 80 percent and be backed by Fannie Mae and Freddie Mac, the mortgage-securitization giants operating under federal control.

via Obama’s incremental effort to save the housing market – The Washington Post.

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