Statement by Michael J. Williams, President and Chief Executive Officer, on Enhancements to the Home Affordable Refinance Program (HARP)

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Oct 24, 2011, 09:15 ET

WASHINGTON, Oct. 24, 2011 /PRNewswire/ -- "Today's announcement by the Federal Housing Finance Agency (FHFA) of enhancements to the Home Affordable Refinance Program (HARP) is a welcome development. By removing some of the impediments to refinance, lenders can more easily participate in the program allowing more eligible homeowners to take advantage of the low interest rates.

Since 2009, Fannie Mae has enabled more than 5.5 million families to refinance into a lower cost or more stable mortgage product. While HARP is only one refinancing program, it is a critical one for those homeowners who may be underwater on their mortgage and facing difficult decisions during these tough economic times. Fannie Mae will continue to work with FHFA, Freddie Mac, servicers, lenders and mortgage insurers to encourage more borrowers to pursue refinancing as interest rates remain low."

SOURCE Fannie Mae