Fannie Mae HomeStay the Answer to Recasting Rate Woes?

   

Fannie Mae’s CEO, Daniel H. Mudd testified before the House Committee on Financial Services today and unveiled a commitment to those subprime borrowers who need new options now that their earlier mortgage decisions are proving to be disastrous.

enron the smartest guys in the room-thumb

In typical “borrow from Peter to pay Paul” fashion, this new initiative involves refinancing out of the bad, old mortgage and into a new, better mortgage.

Good luck with that strategy! At least this new loan program has a cooler name if nothing else…

HomeStay…

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