SEATTLE — Fannie Mae Chairman and CEO Franklin D. Raines unveiled a pilot program Monday intended to make it easier for low- and moderate-income homebuyers who might not otherwise be able to get loans to obtain mortgages.

The program, called MyCommunityMortgage, was introduced at the America’s Community Bankers annual convention. It calls for Fannie to buy $2 billion of mortgages and lets participating lenders accept a higher loan-to-value ratio and smaller down payments, and it permits borrowers to have more debt overall than is usually allowed. Participating lenders include Bank One, First Nationwide, First Union, and North American Mortgage Co.

Fannie also will buy up to $500 million of two- to four-unit home mortgages from participating lenders.

The mortgages Fannie buys through this program would help lenders meet their Community Reinvestment Act requirements by encouraging them to make loans in underserved communities.

Mr. Raines also was expected to talk to the Mortgage Bankers Association conference in San Francisco later Monday.

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