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Fannie Mae and Freddie Mac allowed more than 28,000 underwater mortgages refinancings through a government program in June, up roughly 12% from the previous month and the first increase since February.
The Home Affordable Refinancing Program launched in March 2009 to allow current borrowers who owe up to 25% more on their mortgage than the home is worth refinance into lower monthly payments. So far, roughly 838,400 Fannie and Freddie loans received a refinance, according to data released by the Federal Housing Finance Agency Thursday.
The June total is the first increase since February, when HARP refis increased from 41,000 to 47,000. Totals declined every month since. In June, 23,000 of the HARP recipients held a loan-to-value ratio between 80% and 105%. More than 5,000 held an LTV between 105% and 125%.