Surprise on Refi Revamp: Key Regulator Agrees to Major Program Reforms

by Paul Kiel
ProPublica, Oct. 24, 2011, 6:51 p.m.

Last month, we noted that the Obama administration's push to allow more underwater homeowners to refinance faced a major barrier: the regulator for Fannie Mae and Freddie Mac. Federal Housing Finance Agency chief Edward DeMarco had blocked earlier efforts to help underwater homeowners.

But this morning, the administration announced major changes to its refinancing program -- changes beyond what analysts were expecting.