Fannie Mae and Freddie Mac (the GSEs) have provided details
for their streamlined refinance programs that were originally announced by the
Federal Housing Finance Agency (FHFA) last month. The programs, named “RefiNow”
by Fannie Mae and “Refi Possible” by Freddie Mac, will be available starting June
5 for Fannie Mae’s borrowers but not until August 30 through Freddie Mac. The programs are designed to encourage eligible
low-income borrowers to refinance and lower their interest rates and monthly
mortgage payments. In its original announcement FHFA said it expected borrowers
who refinanced through the initiative to save between $100 and $250 a month.