A program designed to assist homeowners who are “underwater” (that is, whose home debt is greater than the  market value of the home) by allowing them to refinance at current low rates despite having little or no equity in the home has reached fewer than 3%  of targeted homeowners so far.

As reported in today’s Washington Post, this program, for eligible people whose loans are held by Fannie Mae or Freddie Mac, has only reached 130,000 out of the potential 5,000,000 borrowers. This initiative is separate from the loan modification program. A government spokesperson says they hope the program will begin to move faster in the future.

This entry was posted on Friday, October 30th, 2009 at 5:10 am and is filed under Loan Modifications, Mortgages. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.