WASHINGTON — Touting the success of the Treasury Department’s New Issue Bond Purchase Program, a group of local housing finance agencies is urging the Obama administration to modify and extend it, this time allowing the Treasury to exchange mortgage-backed securities it holds in its portfolio for MBS that wrap NIBP bonds.

“It’s a program crying out for another round,” John Murphy, executive director of the National Association of Local Housing Finance Agencies, said in a brief interview Monday. If it is not extended, the NIBP program will expire on Dec. 31.

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