The Obama Administration's signature refinancing and loan modification programs will be extended for an additional year, Federal Housing Finance Agency Director Mel Watt said Friday.

Both the Home Affordable Refinancing Program and the Home Affordable Modification Program were slated to expire at yearend 2015, but Watt said in a speech in Los Angeles that the mortgage giants Fannie Mae and Freddie Mac will continue to participate in the programs until the end of 2016.

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