The Wall Street Journal just released an article on the new home lending revamp now underway. The plan is a major overhaul of HARP (Home Affordable Refinance Program), which lets borrowers with less than 20% in equity refinance if their loans are backed by Freddie Mac or Fannie Mae.
The revamp plan's effort is to "deal with one of the most critical imprediments to economic recovery - a stagnant housing market caused in part by a surfeit of homeowners who are unable to refinance."
Some of the plans features include eliminating appraisals and reducing and/or eliminating extensive underwriting requirements, as well as eliminating some fees charged by Fannie and Freddie, so long as borrowers are current on their past six mortgage payments.
More information on the new program can be found in the PDF document below.