Refinancing could take on loans not backed by Fannie, Freddie
(NEWSER) – The White House is looking to roll out a fresh round of refinancing, this time adding mortgages that aren't backed by the government, reports the Wall Street Journal. Some 22% of mortgages—about 10.8 million—exceeded the value of the homes they backed in June, down sharply from 12.1 million at this time last year, but still a serious drag on the economy. The CBO estimates that refinancing could save a homeowners about $2,600 annually, although only about 5% of all mortgages would likely be eligible.
Read more: Newser