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GSEs’ RefiNow and RefiPossible Programs Target More Buyers

Fannie Mae and Freddie Mac recently launched initiatives, called RefiNow and RefiPossible respectively, aimed at low- to moderate-income borrowers who might not be able to find competitive rates otherwise. So reports CNBC.

Fannie Mae2 280x280The changes by the government-sponsored enterprises that buy and sell mortgages “are broadening the population that can qualify and are making the transactions have less friction,” credit-risk director Mike D’Ambrosio told CNBC.

Sandra Thompson, acting director of the Federal Housing Finance Agency, has noted homeowners whose earnings fall below their area’s median income—who are generally eligible for these Fannie and Freddie programs—actually registered a drop in refinancing activity last year, when the industry boomed more generally.

Read the full article from CNBC.

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