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FHA Refinancing Effort Gets Underway.
Byline: Brian Collins
Washington-The Department of Housing and Urban Development has launched a special Federal Housing Administration refinancing program mandated by Congress in July as part of a major housing bill, but is unclear how many troubled homeowners it will help.
HUD has not provided an estimate on how many borrowers will be able to take advantage of the Hope for Homeowners program, which requires lenders to write down the loan amount to a 90% loan-to-value ratio and most likely pay the 3% upfront mortgage insurance premium.
"For families struggling to keep up with their mortgage payments, this program will be another resource to refinance into a loan they can afford," HUD secretary Steve Preston said.
The HUD secretary also noted there are other workout options, including the Expanded FHA Secure program that allows lenders to refinance delinquent borrowers.
Lenders/servicers can also decide to modify loans on their own. The private Hope Now initiative has completed 2.3 million workouts since it was launched last year.
"There are other alternatives that are robust and will probably handle the lion's share of the volume," Mr. Preston told reporters last week.
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