As remarked yesterday, the Federal Open Market Comittee had misgivings about the Obama administration’s ideas for reviving the housing market.

Per American Banker:

Several Federal Reserve Board governors openly supported the Obama Administration’s initiative to restructure the Home Affordable Refinancing Program which allows more underwater borrowers to refinance their Fannie Mae and Freddie Mac loans.

However, Fed staffers told FOMC members that market reaction to the expansion of the HARP program has been “limited” so far.  (The first phase of the HARP 2.0 program began December 1.)