Hello neighbors,

It seems that the federal government has decided to extend the Home Affordable Refinance Program (HARP) for an additional year. The refinance program administered by Fannie Mae and Freedie Mac, was originally set to expire on June 10th, however it was announced today that the program will now expire June 2011. This may come as good news to many distressed homeowners.

After a review of the nation's current market, the FHFA determined there hasn't been much of a change from the market that actually inspired the actions taken last year.

As for a recap, last year both Fannie Mae and Freedie Mac bought over 4 million refinanced mortgages in which 190,180 were HARP. In addition, these refinances contained loan-to-value ratios between 80 - 125%.

A major component of the Obama administration's Making Home Affordable Program, HARP began in April 2009.