To help more underwater borrowers, Senator Barbara Boxer, D-Calif., has introduced a bill that requires Fannie Mae and Freddie Mac to stop charging high fees on refinancings of guaranteed mortgages with high loan-to-value ratios."These fees are discouraging borrowers from refinancing in a time of historically low mortgage rates, making it more likely that they will eventually default," said the California Democrat.

Under the Home Affordable Refinancing Program (HARP), the GSEs have refinanced nearly 480,000 borrowers with LTV ratios of 80% to 125% since the program began in April 2009.

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