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The Home Affordable Refinance Program (HARP) was created by the Federal Housing Finance Agency in March 2009 to allow those with a loan-to-value ratio exceeding 80% to refinance without also paying for mortgage insurance. Originally, only those with an LTV of 105% could qualify.
In 2008 major home equity lenders including Bank of America, Countrywide Financial, Citigroup, JP Morgan Chase, National City Mortgage, Washington Mutual and Wells Fargo began informing borrowers that their home equity lines of credit had been frozen, reduced, suspended, rescinded or restricted in some other manner. [10]
Wells Fargo, the third largest bank in the United States by assets, rejected more Black refinancing applicants than they accepted in 2020.
Bloomberg L.P. reported in March 2022 that Wells Fargo was the only major lender in 2020 to reject more home refinance applications from Black applicants than it approved. [ 104 ] In December 2022, the U.S. levied a $3.7 billion loan-management fine upon Wells Fargo.
Virtually every down payment program requires you to qualify for a 30-year, fixed-rate first mortgage to buy the home. Some programs can only be used with one type of mortgage, such as government ...
A sign is posted outside of a Wells Fargo bank in Mill Valley, California. More than half of Black homeowners looking to refinance their home loans were rejected when applying at Wells Fargo, new ...
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