Freddie Mac Statement on HARP Extension and Modifications to Forthcoming High LTV Refinance Program

McLEAN, VA – The following statement was released today by Freddie Mac (OTCQB: FMCC) and is attributed to Yvette W. Gilmore, vice president of servicing management for the Single-Family Business:
“Freddie Mac is pleased to extend the Home Affordable Refinance Program (HARP) through Dec. 31, 2018, in accordance with today’s announcement by the Federal Housing Finance Agency (FHFA). To continue making home possible for American families, we will implement the previously announced Freddie Mac Enhanced Relief RefinanceSM program in late 2018 for loans originated on or after Oct. 1, 2017. It carries through the most successful HARP features, including streamlined documentation requirements, to allow eligible borrowers with mortgages that have high loan-to-value (LTV) ratios to refinance into more affordable and sustainable mortgages. Borrowers can expect to benefit from Enhanced Relief Refinance through lower monthly payments, lower interest rates or shorter amortization terms, or they can move from adjustable-rate mortgages to fixed-rate mortgages.”
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