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FHFA Announces Modification to Home Affordable Refinance Program

On October 24, the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, announced changes to the Home Affordable Refinance Program.  The program was originally introduced two years ago to help homeowners struggling with their mortgage payments, but the program failed to help as many homeowners as predicted.  According to the FHFA announcement, the modified HARP program will include lower fees and closing costs to better enable consumers to refinance their homes.  More detailed guidance on the program is expected by November 15, but the FHFA noted that the availability of the program will depend on individual lenders since the program is not mandatory. 

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