There is nothing new about Freddie Mac's "new streamlined, easy refinance" program announced in August, Barclays Capital analysts said in a report released today. 

In fact, analysts said that the program has been around since at least early 2009. "The impact of this program has already been fully reflected in actual prepayments during the past year, and the fact that speeds have been so slow says a lot about how ineffective this program is in terms of getting people to refinance," analysts said.

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