Second mortgage loans approved by FHFA are within Freddie Mac's charter, benefitting homeowners amid rising long-term mortgage rates to avoid costly cash-out refinances.
CHLA supports the pilot, emphasizing the value in retaining below-market first mortgages while enabling borrowers to access equity without incurring high additional costs.
Freddie Mac's second mortgage offers a solution by borrowing at current rates solely for the new loan amount, preserving the lower coupon rate on the existing mortgage for homeowners.
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