HARP Surpasses 2012 Estimates on Homeowner Refinances
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Homeowners with underwater mortgages in U.S. states worst-hit by foreclosures are leading refinancings after the government expanded programs to aid borrowers, strengthening the weakest link in the housing recovery.
In Nevada, where property values fell by half in the real estate bust, the government’s Home Affordable Refinance Program, or HARP, accounted for 68 percent of refinancing in December, the Federal Housing Finance Agency said in a report today. For Florida, 58 percent went through HARP. The states topped the nation in loans more than three months overdue at 2012’s end, according to the Mortgage Bankers Association.