Strapped and underwater homeowners are refinancing by the millions — something that a lot of people don’t seem to realize, according to Freddie Mac senior vice president Paul Mullings.
In a message posted to the Freddie Mac Web site titled “The Silent Refi Surge,” Mullings points out that more than 10 million homeowners have refinanced since the Obama Administration launched the Making Home Affordable program in 2009.
That includes, he said, seven million standard refinancings, a million through Fannie and Freddie’s streamlined programs, and more than 828,000 through HAMP, the Home Affordable Refinance Program.
“Pick up the paper or turn on the TV and you would think nobody can refinance a mortgage,” he said. “[W]e estimate the more than 10 million homeowners who have refinanced through Freddie Mac, Fannie Mae, or FHA and VA, have saved a cumulative $25 billion in mortgage interest payments during just the first 12 months after the refinance.”