The U.S. regulator for government-controlled housing giants Fannie Mae and Freddie Mac is considering reducing barriers for underwater borrowers to refinance their mortgages to current low interest rates using an Obama administration program, the agency said in a statement Friday. The agency, the Federal Housing Finance Agency, added that it is considering allowing for even more heavily underwater borrowers -- those not currently eligible for the program -- to participate.
As it stands now, the HARP program only allows borrowers to refinance at current low interest rates into a mortgage that is at most 25% more than their home's current value.
FHFA said it is analyzing whether it would allow borrowers who are even more underwater, that is they owe even more than that cap, to participate.
President Barack Obama on Thursday night said the White House is working with regulators to help people refinance their underwater mortgages at current rates.
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