Through it all, the company managed to continue refinancing and extending various tranches of the over $5 billion debtload that it took on to back the 2005 LBO.
"There is an option with RBS coming up to extend [the refinancing deal] by a further six months until July and they will take up that option unless they have agreed another refinancing package before that".
It does not extend to refinancing agreements in which the original lender simply offers a new interest rate, with no new money being lent aside from cash for closing costs.
The administration has made tweaks to that existing program and is now hoping to extend the refinancing plan to an additional 3.5 million homeowners.
The bonds will have to be extended or refinanced," it said.
From 24/7 Wall St.: Earlier this week, President Obama announced he would extend the mortgage refinancing program in an effort to provide relief to homeowners whose mortgages are worth more than the value of their homes.
A few days earlier, however, government regulators extended a refinancing program for homeowners whose properties had plunged in value.
[C7.] Earnings Climb at Wells Fargo Wells Fargo said that second-quarter profit rose more than 7percentt as the lowest mortgage rates on record extended a refinancing boom that began in April 2002.
Mr. Obama's proposal is intended to force the mortgage giants to inject more competition into the refinancing market, eliminate appraisal fees and extend to everyone refinancing rules that had been made to help those who owed more than their homes were worth.
This new program would extend a similar refinancing opportunity to borrowers whose loans are held by private companies.
