HARP's Dirty Little Secret: Most HARP Refis are of Positive Equity Mortgages - Credit Slips
. As of 2Q 2011, 92% of HARP refinancings (776,009 of 838,441) were of loans between 80% LTV and 105% LTV. Only 62,432 refis were between 105% and 125% LTV. In other words, HARP has provided very little help for underwater borrowers.
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But on the bright side, the federal government has provided trillions to the big banks to help them out. Too bad homeowners aren't "too big to fail."
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