Fannie Mae has announced an experimental program that lets consumers refinance high-loan-to-value mortgages that carry above-market interest rates.

This is the first time the refinance option is available for high- LTV loans not previously owned or securitized by Fannie Mae.

The program, designed to help low- and middle-income borrowers who have missed out on the refinancing boom, will be available through community- based organizations like Acorn Housing Corp.

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