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FHFA, Freddie Mac, and Fannie Mae Announce HARP Changes to Reach More Borrowers

October 24, 2011

Today, the Federal Housing Finance Agency (FHFA), along with Freddie Mac and Fannie Mae, issued a press release announcing a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing their home mortgage. The program enhancements were developed at FHFA's direction with input from lenders, mortgage insurers, and other industry participants.

These changes mark another step on the road to recovery for the nation's housing market and underscore Freddie Mac's vital role in making affordable mortgage financing available to America's homeowners and future homebuyers.

Next Steps for Freddie Mac Seller/Servicers

To help you prepare for these changes, Freddie Mac is working to finalize our operational requirements to implement the changes through our Freddie Mac Relief Refinance Mortgage^SM. A portion of the Relief Refinance Mortgage offering is our business implementation of HARP.

Our revised requirements will be published in a Single-Family Seller/Servicer Guide (Guide) Bulletin by November 15. While we finalize our requirements, we encourage you to review today's press release.