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Fannie Willing To Go to 120%.(Federal National Mortgage Association)(Financial report)
Washington -- Fannie Mae is introducing a refinancing option for underwater mortgages as it searches for ways to contain credit losses and provide its seller/servicers with additional tools to help struggling homeowners.
In reporting a $2.2 billion first-quarter loss, Fannie executive said it will purchase loans refinanced for up to 120% of the property's current value.
This option is available only for Fannie-owned or guaranteed loans and borrowers must be current on their mortgage payments.
Company officials estimate this new option could help 150,000 homeowners who currently cannot refinance into a more affordable mortgage because of negative equity.
The mortgage giant has not provided many details about this financing option. However, a spokeswoman said it does not involve the use of a balloon mortgage, which some servicers are using to modify underwater mortgages.
Initially, this refinancing option is not available for alt-A loans, although it may be in the future.
Fannie has a $310.5 billion alt-A mortgage loan portfolio, which accounted for 43% of its credit losses in the first quarter. Over 30% of the alt-A loans ...
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Source: HighBeam Research, Fannie Willing To Go to 120%.(Federal National Mortgage...