2012-04-02 — mortgagedaily.com
Regions Bank said it is aiming to provide more than $1 billion in relief to homeowners this year through the federal government's Home Affordable Refinance Program, or HARP.
The program was introduced in 2009 and applies to mortgages owned or guaranteed by Fannie Mae or Freddie Mac. Borrowers in the program must be current on loans with a loan-to-value ratio of more than 80 percent, but the program is available to underwater borrowers, or those that owe more than their home is worth.
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