Industry NewsMortgage

Lenders see holes in Obama refi plan

Mortgage bankers say many won't qualify
Published on Feb 24, 2009

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by CareyBot

Mortgage bankers say they can support the "conceptual underpinnings" of most of the Obama administration's foreclosure prevention plan, but see lots of room for improvement.

Weak areas of the plan include an upper limit of 105 percent loan-to-value ratio for refinancings, and the program's requirement that loans to be refinanced be owned or guaranteed by Fannie Mae or Freddie Mac, the Mortgage Bankers Association said in a letter to Treasury Secretary Tim Geithner and Housing Secretary Shaun Donovan.

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