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.

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