The Treasury Department will support legislative efforts to increase refinancing opportunities for underwater borrowers that are trapped in legacy private-label loans. But the department does not want to see an expansion of the HARP program, according to a special housing finance advisor to Treasury secretary Jack Lew.

Speaking at an ABS conference in Las Vegas, Michael Stegman noted that more than 2 million Fannie Mae and Freddie Mac borrowers are still eligible for the Home Affordable Refinancing Program to lower their interest rate.  

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