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Industry Pushes for Extension of Admin's Refinance Program
The Obama administration’s Home Affordable Refinance Program (HARP) is set to expire on June 10. It’s a central component of the federal government’s foreclosureprevention efforts and is currently one of the only mortgage relief programs to help underwater borrowers refinance into more affordable loans.With the sunset date looming, several industry trade groups have joined forces to urge the Treasury Department and the Federal Housing Finance Agency (FHFA) to extend HARP for another year, and they say a decision needs to be made by March 10 to minimize further disruptions to housing markets and prevent foreclosures on creditworthy borrowers.Joining the Mortgage Bankers Association (MBA) in the push is the American Bankers Association, American Financial Services Association, Consumer Mortgage Coalition, and the Housing Policy Council.The organization’s sent a joint letter to Treasury Secretary Timothy Geithner and FHFA Director Ed DeMarco, which stated, ““HARP is just as critical today as it was last year when it was introduced. In its first months of operation, HARP has become a significant contributor to the refinance market. We urge that HARP be extended … to avoid market disruptions.”Under the program, borrowers with mortgages owned by Fannie Mae and Freddie Mac who are current on their payments can ... more

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