Financial services organizations are urging the administration to quickly extend for one year an expiring housing program geared toward helping homeowners who are current on their mortgages but owe more than their homes are worth.

The Home Affordable Refinance Program should be extended by March 12 to minimize further disruptions in the market such as foreclosures and home price declines, the American Bankers Association, American Financial Services Association, Consumer Mortgage Coalition, Housing Policy Council and Mortgage Bankers Association said in a Feb. 18 letter to Treasury Secretary Timothy F. Geithner.

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