Radian Guaranty Inc. says it fully supports the Federal Housing Finance Agency's (FHFA) recent extension of the Home Affordable Refinance Program (HARP). The program – a component of the Obama administration's Making Home Affordable program – helps qualified borrowers whose homes have lost value in today's economic climate to refinance their mortgages.
‘We applaud the efforts of the FHFA, in conjunction with Fannie Mae and Freddie Mac, to help stem the ongoing mortgage crisis,’ says S.A. Ibrahim, CEO of the Radian Group Inc. ‘As a private mortgage insurer, Radian's role has long been to promote and preserve homeownership. By extending the HARP program, more deserving homeowners will have the opportunity to refinance their loans and take advantage of today's attractive interest rates.’
Since the program's inception last year, Radian has completed approximately 6,000 HARP refinances on nearly $1.2 billion of existing mortgage insurance. The company will continue to accept loans under HARP during the program's extension, authorized by the FHFA through June 30, 2011.
SOURCE: Radian Guaranty