Refinancing activity under the administration's Home Affordable Refinance Program (HARP) continues to soar, with HARP loans accounting for one-quarter of all refinances done in August. The Federal Housing Finance Agency (FHFA) reported that nearly 99,000 homeowners refinanced in August through the HARP program.
Since the start of 2012, more than 618,00o loans have been refinanced under the HARP program, which was revised last year to make it accessible to more underwater borrowers.
FHFA reported that lifting the cap on loan-to-value (LTV) ratios has helped produce more volume under the revised HARP program. Those enhancements to the HARP program were fully implemented in the second quarter of 2012, according to FHFA.
Borrowers with LTV ratios greater than 105 percent accounted for more than half of the total HARP volume in August.
In August, HARP refinances for borrowers with LTVs greater than 105 percent accounted for more than 70 percent of HARP volume...