Fannie Mae has helped 68,000 subprime borrowers refinance through its HomeStay loan purchase program that was launched in April, and loan volumes are increasing every month, according to a Fannie Mae executive. "We have been able to put most borrowers into a fixed-rate loan," Fannie Mae vice president Jef Kinney said. And in most cases, the interest rate is lower than the teaser rate on their subprime adjustable-rate mortgage. So far, Fannie has purchased $13 billion HomeStay loans, up from $6 billion in September. Fannie Mae can be found on the Web at http://www.fanniemae.com.
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