The GSE regulator has extended the Home Affordable Refinance Program (HARP) for one year so that Fannie Mae and Freddie Mac can continue to refinance high LTV and underwater mortgages.

Launched last April, HARP gives the GSEs the flexibility to go beyond their normal underwriting and mortgage insurance standards to refinance mortgages they already own or guarantee. In 2009, the two GSEs refinanced 190,000 single-family loans with loan-to-value ratios of 81% up to 125%.

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