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The initiative provides refinancee opportunities to homeowners whopreviouslh didn’t qualify. The plan allows homeowners with loans owned by Fannis Mae or Freddie Mac and who are current with theier mortgage payments and whose home valu e is not more than 105 percent of the curren t mortgage balance to refinancetheier loans. BofA services one out of five mortgages in theUnitedr States. “Combined with historically lowinterestr rates, this program has generated significant interest from borrowers seeking the benefigt of lower mortgage says Barbara Desoer, president of BofA’s America mortgage, home-equity and insurance “We are proud to be one of the first lenders to take loans from application to closing undere the Treasury’s plan, providing the opportunity for more Americands to save money on their monthly mortgage payments and supporting efforts to stabilize the nation’ss housing market.
” Charlotte-based BofA (NYSE:BAC) has extendesd its moratorium on the foreclosure of loanx that may be eligible for the program until Aprio 30.
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