Lenders see holes in Obama refi plan 

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.

more...

To view this premium content sign in to your Premium Member account.

Premium Members have full access to all news archives & premium content.

Purchase Premium+ Membership for $99/year OR
Premium Membership for $49/year

Buy Now

Advertise with Inman

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.