FHFA’s Fix for Underwater Mortgage Program Faulted by Lawmakers
This article is for subscribers only.
A plan to let more people refinance mortgages even if they have no equity in their homes won’t go far enough to help the nation’s 11 million underwater borrowers, according to U.S. House Democrats.
Edward J. DeMarco, acting director of the Federal Housing Finance Agency, told 17 Democrats at a meeting today that he will fix the Home Affordable Refinance Program, which lets borrowers take new loans for up to 125 percent of a home’s value, according to Representatives Elijah Cummings of Maryland and Dennis Cardoza of California, who led the group.