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Proposal would allow Freddie Mac to acquire closed-end second mortgages

The Federal Housing Finance Agency (FHFA) this week announced a new product proposal for government-sponsored enterprise (GSE) Freddie Mac that would allow the agency to purchase certain single-family, closed-end second mortgages.

This would offer borrowers an alternative way to access their home equity without surrendering a first mortgage with a more favorable interest rate than is currently available.

The proposal, published in the Federal Register, recognizes that existing borrowers “face limited options” if they seek to access equity on their primary details ⇒

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