NAFCU participated in a call Monday with White House officialsregarding proposals to modify the Home Affordable Refinancing Program, run through Fannie Mae andFreddie Mac, and implement a streamlined refinancing program at theFederal Housing Administration.

The Obama administration is supporting three bills introducedlast week that address mortgage modifications and refinancing, which include a bill that would allow non-GSE andnon-FHA guaranteed loans to be refinanced. They include:

• S. 3047, to implement the FHA streamlined mortgageproposal;
• S. 2909, to require Fannie and Freddie to cover the closingcosts of loans refinanced under HARP; and
• S. 3085, to expand the availability of affordable refinancingsof loans held by Fannie and Freddie.

All three bills await action of the Senate BankingCommittee.

Tessema Tefferi, NAFCU's regulatory affairs counsel, and JillianPevo,the association's senior associate director of legislative affairs,represented NAFCU in the call.