Washington Post news story HERE says that Fannie and Freddie WILL allow refinances of second home under the refinance component of the Making Home Affordable Plan.
If this report is accurate, I see this as a big problem. (I get the reduction in foreclosure risk via lower payment, but this will create a avoidable backlash against the entire effort).
I have pulled, but have not yet read, related guidance from Fannie and Freddie. (If I see anything important, will post later).
Fannie 09-04 amendment to selling guide for refinances is HERE; their amendment to servicing guide (09-05) for loan modifications is HERE.
Freddie 09-05 Relief Refinance Bulletin HERE provides details about their refinance program. I don't yet see a specific loan modification bulletin, their related web page is HERE and they have a fact sheet HERE.
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