The Federal Housing Administration implemented its 'short' refinancing program in September and since then Obama Administration officials have anxiously been waiting for the GSE regulator to give Fannie Mae and Freddie Mac the green light to use the new principal reduction program as an option.

The Federal Housing Finance Agency is "doing the right thing" in carefully studying this program, FHA commission David Stevens said in an interview with ASR sister publication, National Mortgage News. "We believe they need to come to a conclusion here," Stevens said.  

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