Agencies clash over a program to help underwater borrowers

12/10/2010 | Washington Post, The

The Federal Housing Administration and the Federal Housing Finance Agency are disputing a government program designed to help homeowners who owe more on their homes than they are worth, sources said. The FHA says that the program could help avert foreclosures, but the FHFA argues that the program could become a costly logistical nightmare if it is expanded to include Fannie Mae and Freddie Mac. The program would allow some borrowers to refinance their mortgages.

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