Surprise! It's a Bailout for Vacation Homes, Too

March 6, 2009 — I'm shocked that people aren't jumping all over the revelation that the no-equity mortgage refinance program unveiled yesterday is going to be available for vacation homes and one-to-four unit rental properties as well as for owner-occupied homes. The Post's Renae Merle reported this detail, which she found in the program rules published by Fannie Mae and Freddie Mac.

The refinances are available to borrowers who bought their properties using Fannie or Freddie loans and who are not behind on their payments, but who don't have enough equity to qualify for an ordinary refinance. It's half of a two-part homeowner bailout program. The other half encourages loan modifications that can reduce interest rates and payments for borrowers already in default or near foreclosure. That loan-modification plan is restricted to a borrower's primary residence.
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