The Federal Housing Finance Agency said it will eliminate fees and relieve banks of certain risks as part of a plan to aid homeowners. It expands the Home Affordable Refinance Program, which was introduced in 2009 and limited to borrowers whose mortgages were no greater than 125 percent of the value of their homes.
About 11 million borrowers owe more on their mortgages that their homes are worth. To qualify, borrowers must be making on- time payments on current loans owned or guaranteed by Fannie Mae or Freddie Mac.
Nevada had the nation's highest per-household rate of foreclosure filings at one in 44 in the third quarter, followed by California at one in 88 and Arizona at one in 93, according to RealtyTrac Inc., a data seller in Irvine, California. The state also has the nation's highest unemployment rate, at 13.4 percent. The jobless rate was 8.7 percent when Obama won 55 percent of the vote there in 2008.
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