Washington, Jul 01 2009 (IFR) - Housing and Urban Development Secretary Shaun Donovan announced today that his Department will expand the Obama Administration's Home Affordable Refinance Program to borrowers up to to 125% underwater on their mortgages.
Currently, only those borrowers with mortgages below 105% of the current market value of the property are eligible of the program, which refinances mortgages currently owned or guaranteed by Fannie Mae ( FNM - news - people ) and Freddie Mac ( FRE - news - people ).
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