Homeowners who survived the Great Recession with highdebt-to-loan ratios completed 6,091 more refinances in May underthe Home Affordable Refinance Program.
The Federal Housing Finance Agency has now helped 3.4 millionfamilies refinance their mortgages since the current program beganApril 1, 2009, some owing more on their houses than they wereworth. About 6% of HARP loans had a loan-tovalue ratio greater than125%, and HARP refinances accounted for 4% of all U.S. refinancesin May.
Just a little more than half of May's HARP refinances came fromthe 12 states with the highest rates of HARP participation: Florida(8.6%), Georgia (7.9%), Connecticut (7.5%), New Mexico (7.5%),Rhode Island (7.1%), Maryland (7.1%), Ohio (7%), Nevada (6.9%),Michigan (6.8%), Delaware (6.8%), Illinois (6.1%) and Arizona(5.9%).
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