BofA launches 'Home Affordable' refis

Wells Fargo loan apps up 64%

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Bank of America says its 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 ratio has ballooned to as much as 105 percent because of falling property values.