Freddie Mac will cut its streamlined refinance program for mortgages settled on or after May 1, 2011. This, say analysts at Bank of America (BAC) Merrill Lynch was the only government-sponsored enterprise streamline refinance option left after the Home Affordable Refinance Program expired in March 2009 for Fannie Mae and May 2009 for Freddie. The program allowed qualifying mortgages, which had never been 30 days delinquent more than once in the previous year, among other qualifications, to have the interest rate and the amortization term on the first-lien reduced. Also, Freddie could replace an adjustable-rate mortgage with a fixed-rate one. "We believe that Freddie’s owned streamlined refinance program has had a meaningful impact on Freddie speeds in the 2009 and 2010 vintages," BofAML analysts said. They added that without the program, there will be slower speeds and longer refi lag for Freddie pools issued in those years, and that these speeds will begin to match those at Fannie Mae. Write to Jon Prior. Follow him on Twitter: @JonAPrior