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Fannie Mae, Freddie Mac Extend Crisis-Era Refinance Program

Fri August 26, 2016

Fannie Mae and Freddie Mac are extending one of the most successful federal programs enacted in response to the mortgage crisis into next year, even as the pool of borrowers who could benefit from it continues to shrink.

Borrowers can continue to use the Home Affordable Refinance Program, or HARP, though September next year, the Federal Housing Finance Agency, which regulates the mortgage-finance companies, said Thursday. HARP allows some borrowers to refinance to a lower rate even if the equity they have in their home is less than 20 percent, the typical cutoff for some refinances.

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