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Both Fannie Mae and Freddie Mac (the GSEs) will be expanding their low-income refinance programs to include those making at or below 100 percent of an area's median income (AMI). The threshold on the programs is currently at 80 percent of AMI. Sandra L. Thompson, acting director of the Federal Housing Finance Agency (FHFA) announced the change in her keynote address to the Mortgage Bankers Associations annual conference on Monday. Her agency, in monitoring the effects of the pandemic on different borrowers, found that, while many borrowers have taken advantage of the record low interest rates to refinance their mortgage, some population groups are at risk of being left behind. "We know through our long experience, including the Great Recession, that for those struggling with a mortgage, a meaningful
Housing News
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Both Fannie Mae and Freddie Mac (the GSEs) will be expanding their low-income refinance programs to include those making at or below 100 percent of an area's median income (AMI). The threshold on the programs is currently at 80 percent of AMI. Sandra... (read more)
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Rob Chrisman
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The MBA's conference, which began with a capacity crowd at mPower , is packed with meetings and sessions, and I am sure glad that I’m not going between them in heels! (To paraphrase a joke about how, Fred Astaire was a great dancer, but Ginger ... (read more)
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Housing News
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Both permits and housing starts fell in September following an unanticipated increase the previous month. Where the August gains were driven primarily by strong multifamily construction activity, a decline in that sector hurt the September metrics. P... (read more)
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