The Federal Housing Finance Agency, regulator and effective owner of Fannie Mae and Freddie Mac, has directed Fannie Mae to continue the Home Affordable Refinance Program by two years.
It had been scheduled to end at the end of 2013 and is now scheduled to end at the end of 2015.
"More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk," said FHFA Acting Director Edward DeMarco. "We are extending the program so more underwater borrowers can benefit from lower interest rates."
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