In a report released Monday, the Federal Housing Finance Agency (FHFA) announced Fannie Mae and Freddie Mac have reached the milestone of three million refinances under the Home Affordable Refinance Program (HARP).
The three million mark is a significant step in achieving the FHFA’s goal of broader use of HARP.
"Three million HARP refinances is an important accomplishment and represents real help to families and communities still struggling as a result of the mortgage crisis," said FHFA Director Mel Watt. "We are continuing our efforts to make sure that those who can take advantage of this program have the information they need to do so."
In November alone, the GSEs together reported 38,732 HARP refinances, bringing 2013’s year-to-date total to 862,892. Out of those, 25,689 were for mortgages with loan-to-value (LTV) ratios between 80 and 105 percent; 7,612 were for loans with 105 to 125 percent LTV, while the remainder were for 125+ percent LTV loans.
In addition, FHFA announced it had completed more than three million foreclosure prevention actions, which include loan modifications, short sales, and other programs.
Since the government’s conservatorship of Fannie Mae and Freddie Mac in 2008, more than 18 million mortgages have been refinanced through the GSEs.
Last year, FHFA extended the deadline for HARP to December 31, 2015.