“The quarterly number of loans refinanced through the Home Affordable
Refinance Program (HARP) has nearly doubled since HARP 2.0 was rolled out in January, according to the Federal Housing Finance Agency’s (FHFA) March 2012 Refinance Report. HARP refinances topped 180,000 in the first quarter of this year compared to approximately 93,000 in the fourth quarter of 2011. The increased HARP volume is attributed to enhancements to the program announced last fall. The enhancements include the removal of the loan-to-value (LTV) ceiling for borrowers who refinance into fixed-rate loans and the elimination — or lowering — of fees for certain borrowers. Only loans that are owned or guaranteed by Fannie Mae and Freddie Mac are eligible to participate in HARP.”