Wells Fargo and JPMorgan Chase dominated new Home Affordable Refinance Program loans so far, according to bank analysts.
The Federal Housing Finance Agency HARP to allow more severely underwater Fannie Mae and Freddie Mac borrowers refinance. HARP refis doubled in the first quarter, and more than 4,400 borrowers with loan-to-value ratios above 125% were able to take advantage.
Wells and Chase issued nearly $6.3 billion of the $9.3 billion in 125% LTV refinances to date, according to a securities report from Chase analysts.
“As one might expect given their general success at implementing HARP, Chase and Wells have produced the lion’s share,” analysts said.
Bank of America by comparison produced roughly $800 million in 125% LTV refis, “a smaller amount than their share of the outstanding super high LTV universe would suggest.”
