Feds Extend Mortgage Refinancing Program

Borrowers have until 2015 to participate

The top U.S. housing regulator on Thursday extended by two years a popular federal refinancing program to allow more borrowers with government-backed loans to lower their monthly mortgage payments.

The Home Affordable Refinance Program, or HARP, allows borrowers with loans backed by Fannie Mae and Freddie Mac to cut loan payments by refinancing at record low interest rates even if their homes have lost value.

The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, said it would extend the program until the end of 2015. It had been set to expire at the end of this year.