FHFA’s Watt Announces Final Extension of HAMP, HARP

Fannie Mae and Freddie Mac will participate in the federal government’s Home Affordable Modification Program and Home Affordable Refinance Program through the end of 2016, Federal Housing Finance Agency Director Mel Watt said in a speech on Friday in Los Angeles.

The GSEs’ participation in HAMP and HARP was originally scheduled to end this year. Watt estimated that more than 600,000 borrowers could still qualify for HARP while interest rates remain low and he encouraged borrowers to apply.