Fed governor calls for refi program changes

By Ronald D. Orol, MarketWatch

WASHINGTON (MarketWatch) — Changes should be made to the Obama administration’s existing housing refinance program to enable the participation of millions more underwater borrowers, Federal Reserve Governor Elizabeth Duke said in a speech on Thursday.

“Given the potential savings to households, the relatively low take-up on this program warrants another look at the frictions that may be impeding these refinancing transactions,” Duke said in remarks prepared for a Fed housing conference.

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