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HUD Allows 125% LTV in Home Affordable Refis
Jul 01, 2009[Update 1] The administration expanded its Home Affordable Refinance Program to include borrowers current on payments but whose mortgages are worth up to 125% of the house’s value. US Department of Housing and Urban Development (HUD) secretary Shaun Donovan announced the LTV limit expansion today while touring a Las Vegas neighborhood–a befitting venue for the reveal, considering 67% of homeowners there are underwater on their mortgages.
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MBA Lowers ’09 Origination Expectations
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