The Federal Housing Finance Agency reported yesterday that the Obama administration's little-used program called Home Affordable Refinance Program was scheduled to end on June 10th of this year has been extended until June 30th, 2011.
The program is designed to help homeowners refinance their loans when they owe up to 25 percent more than their homes are worth so they can refinance to a lower interest rate.
So far, according to the Treasury Department the program has helped around 220,000, but originally it was supposed to help 4 million to 5 million homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac.