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.
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."