Rochester,NY 7/15/2009 8:04:33 PM
GNW - Genworth Created Additional home loans for refinancing Program
GENWORTH FINANCIAL
GENWORTH FINANCIAL, GNW
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Genworth Financial Inc. on Tuesday estimated 44% additional loans covered by its U.S. mortgage insurance business will be eligible for modification following the Obama Administration's expansion of refinancing eligibility guidelines for its Making Home Affordable program. Genworth estimated that nearly 530,000 loans will be eligible for modification. The new guidelines allow borrowers current on their payments and with a maximum loan-to-value, or LTV, ratio of 125% to refinance their loans under the program. The previous LTV limit was 105%. "Increasing the LTV ceiling for the Home Affordable program will allow us, and others in the industry, to help many more borrowers refinance into a loan they can afford," said Mark Goldhaber, senior vice president of Affordable Housing & Government Business Development for Genworth's U.S. mortgage insurance business, in a statement. "That's especially important in states that have been hardest hit by home price declines."
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