Statement by Michael J. Williams President and Chief Executive Officer on the Extension of the Home Affordable Refinance Program

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Mar 01, 2010, 02:04 ET

WASHINGTON, March 1 /PRNewswire-FirstCall/ -- Thousands of families have already received much-needed relief under the Home Affordable Refinance Program, and extending HARP for another year will enable us to help even more families achieve a more affordable mortgage. Fannie Mae's (NYSE: FNM) Refi Plus program has given borrowers new options for refinancing, and more than 329,000 loans have been delivered to Fannie Mae through the Refi Plus flexibilities. Of those loans, more than 100,000 were refinanced under the HARP with loan-to-value ratios between 80 percent and 125 percent, which means that many borrowers who had few options are now on more stable financial footing.

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.

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SOURCE Fannie Mae