The FHA Short Refi program, which has been a dismal failure because not a single lender including Fannie Mae or Freddie Mac has signed on (there have been less than 40 applications nationwide for the program so far even though the Administration expected over a million to qualify for it).

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The program was designed to allow underwater homeowners who are current on their home loans to refinance to an FHA loan at 96.5% of the property's current value, requiring the old lender to write off that excess. Naturally, lenders did not exactly jump at the chance to exchange a performing loan for a loss.

Now, the Obama Administration wants to force Fannie and Freddie to play ball. However, the lending giants other regular, the Federal Home Loan Finance Agency, does not want to allow participation because in this case it's the taxpayers who would be shouldering the loss, not banking shareholders. So the bottom line is who benefits, and who loses? Should the taxpayers have to pay to let some homeowners off the hook?

Without anyone being forced to participate, the odds of success are pretty low. Since its roll out in September, the program has helped three borrowers, FHA said. Not three million, not three thousand, not three hundred. Just three.