HARP refinancings take off

Share of loans going to underwater borrowers also picking up

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As mortgage rates continued to hit new depths, the number of refinancings completed through the Obama administration’s mortgage refinance program more than doubled year over year in May, according to a monthly report from the Federal Housing Finance Agency.

Last fall, the FHFA, which regulates government-sponsored enterprises Fannie Mae and Freddie Mac, announced several changes to the Home Affordable Refinance Program (HARP) in an effort to boost participation.