Business briefs

Mortgage bankers seek federal refinancing program extension

The Mortgage Bankers Association Thursday asked the Federal Housing Finance Agency to extend the federal refinancing program, set up for homeowners who owe more than their homes are worth and whose mortgages are insured or owned by Fannie Mae or Freddie Mac. The Home Affordable Refinancing Program ends June 30, but the trade group wants the deadline reset to December 2012, when the federal loan modification program expires.

- Ellen Yan

Fed governor leaving post

Kevin Warsh, a Federal Reserve governor and key lieutenant to Chairman Ben S. Bernanke during the financial crisis, is leaving the central bank next month. Warsh, 40, appointed by President George W. Bush in 2006, was the youngest person ever to serve on the Fed's Board of Governors.

Mortgage downshift rumored

Homebuyers will face potentially higher interest rates under any of three Obama administration options for reducing government support of the mortgage market. The Treasury Department is scheduled to release a report Friday that lays out three choices for winding down Fannie Mae and Freddie Mac and moving to a more privatized mortgage market, according to a number of people familiar with the administration's approach.

Buran chairs NY banking group

John Buran, chief executive of Flushing Financial Corp., the Lake Success company that owns Flushing Savings Bank, has been elected chairman of the New York Bankers Association, the industry's state lobbying group. Buran will serve as chairman for a year.

- Andrew Smith

Hoover WindTunnel recall

About 142,000 Hoover WindTunnel Canister Vacuums are being recalled because of concerns about fire and shock hazards. The Consumer Product Safety Commission says the power cord between the power nozzle and the wand connector can short-circuit. There has been one report of a minor injury. Consumers can call Hoover at 888-564-2066 for more information and a free repair.

From staff and wire reports