2009-07-20 — housingwire.com
Fannie Mae will accept mortgages refinanced through the Home Affordable Refinance Program (HARP) with loan-to-value (LTV) ratios between 105.01% and 125% on August 1, one month earlier than previously announced.
“We are providing this advance ability for whole loan committing to address lenders’ needs to obtain secondary market pricing information so they can establish their own pricing for loan originations,†the government-sponsored enterprise said in a statement Friday.
We love the vague "establishing their own pricing" justification. In reality, this is because they can't get lenders to take the cram-downs needed to re-fi these loans.
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