FHFA Sees ‘Tremendous Borrower Interest’ in Refinancing Program

A program designed to help homeowners who have lost equity in their properties has generated “tremendous borrower interest,” said Edward J. DeMarco, acting director of the Federal Housing Finance Agency.

DeMarco made his comments in written testimony prepared for delivery tomorrow to the Senate Banking Committee. The Home Affordable Refinance Program, or HARP, allows borrowers to refinance their mortgages even if they are underwater, or owe more on their homes than they’re worth. DeMarco said he expects to see “an increase in HARP volume.”