Freddie Mac refinanced nearly 29,000 loans under the Obama administration's Home Affordable Refinance Program (HARP), which is designed to give borrowers with loan-to-value ratios above 80% a chance to refinance and lower their mortgage payments.

As previously reported, Fannie Mae has purchased 32,000 HARP refinancings since the program got rolling in April, including 16,000 refinancings in the month of July alone.

"Over 60,000 borrowers with mortgage loans that exceed 80% of the house value up to 105% have been refinanced," the Federal Housing Finance Agency said. The agency recently expanded the refinancing program to allow underwater borrowers with loan-to-value ratios of up to 125% to participate.

Fannie Mae will start delivery of these loans with LTVs over 105% on Sept. 1 and Freddie Mac will start Oct. 1.

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