Most everyone in the industry knows that refinancings propped up mortgage originations and profits the last few years. Far fewer appreciate the role played by the Home Affordable Refinancing Program.

HARP's contribution to the last refi boom has become clearer as rising interest rates and a dwindling supply of eligible borrowers have eroded the program's volumes along with overall refis. Like the Federal Reserve's bond buying program, which stimulated mortgage lending by lowering long-term rates, HARP is yet another form of government support that has begun to fade.

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Authoritative analysis and perspective for every segment of the mortgage industry