“The federal regulator for Fannie Mae FNMA -6.79% and Freddie Mac FMCC -9.09%will extend a popular refinancing program for two more years.
The Home Affordable Refinance Program, or HARP, allows homeowners with loans backed by the mortgage-finance companies to refinance even if they don’t have any equity. So far, more than two million homeowners have refinanced under the program. HARP had been set to expire at the end of this year, but the Federal Housing Finance Agency said Thursday that the program would now run through 2015.
“We are extending the program so more underwater borrowers can benefit from lower interest rates,” said Edward DeMarco, the acting director of the FHFA.
The Obama administration rolled out HARP in early 2009, and the program was initially set to end on June 10, 2010. In addition to extending the end date of HARP several times, the program has undergone a series of overhauls in a bid to reach more borrowers amid disappointing initial results….”
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