WASHINGTON — Changes made late last year to the Obama administration's flagship mortgage refinance program have boosted profits at the nation's largest banks at the expense of homeowners and U.S. taxpayers, according to mortgage experts testifying at a Senate hearing on Wednesday.

"Borrowers are paying high fees because the banks are making oligopoly profits," Laurie Goodman, a senior managing director at Amherst Securities Group, said in written testimony. "These costs can be lowered by promoting competition."

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