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by CareyBot

Bank of America says it's begun refinancing mortgages under the Obama administration's "Making Home Affordable" initiative, which is designed to allow homeowners with loans owned by Fannie Mae or Freddie Mac to take advantage of lower rates.Homeowners who are current on their mortgages are eligible to refinance under the program even if their loan-to-value (LTV) ratio has ballooned to as much as 105 percent because of falling property values.There's no minimum credit score for "Home Affordable" refinancings, and private mortgage insurance (PMI) is not required to refinance loans if insurance was not required on the original loan (Fannie and Freddie generally require buyers putting down less than 20 percent to purchase PMI). Borrowers refinancing a loan with PMI will not...