10:03 AM » More refinances in 2012 than in all of 2011: FHFA
WASHINGTON (MarketWatch) - More mortgages were refinanced through an Obama administration program in the first seven months of 2012 than in all of 2011, according to data released by a major housing regulator on Friday. The Federal Housing Finance Agency reported that more than 519,000 mortgages for borrowers who have no equity in their home were refinanced in the first seven months of 2012 through the program to current low interest rates as long as their mortgage is backed by Fannie Mae and Freddie Mac, the government-controlled housing giants. That number is up from the 400,024 mortgages refinanced through the program in 2011. These borrowers can't refinance to current low rates using traditional means. The program was expanded in late 2011 into one that allows a greater segment of underwater borrowers to participate. FHFA estimates that by the end of 2013, HARP refinances will double.