Last week I criticized the government’s new two-part program "Making Home Affordable" for being too narrow and limited in scope. This article describes the refinance part of the program, which applies only to mortgages owned or guaranteed by Fannie Mae or Freddie Mac.

Purpose: The objective of the refinance program is to allow borrowers to refinance who otherwise find it impossible or excessively costly because of declines in the value of their properties.

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