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IPFS News Link • Housing

Obama to Extend the Home Affordable Refinance Program till June 2011

Lest someone think the market is all safe and sound, here comes the FHA to remind that without government subsidies we are all staring at the sub 666 S&P abyss. Federal Housing Finance Agency Acting Director Ed DeMarco today announced the extension of the Home Affordable Refinance Program, (HARP), a refinancing program administered by Fannie Mae and Freddie Mac, to June 30, 2011. The program is a key component of the Administration's Making Home Affordable Program announced last February. The HARP program expands access to refinancing for qualified individuals and families whose homes have lost value. The program was set to expire on June 10 of this year.