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2011-03-02 — nationalmortgagenews.com

``Once investors agree to a writedown of at least 10% on the loan balance, the FHA short refi program allows the servicer to refinance the conventional loan into a new FHA-insured mortgage with a 97.75% loan-to-value ratio.'' -- Wow, 2.25% equity, slow down there, let's not be TOO cautious!

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