It would be easier for underwater borrowers to utilize the Home Affordable Refinancing Program (HARP) if Fannie Mae, Freddie Mac and banks drop their fees on these refinancings, according to the Amherst Securities Group (ASG).

The Treasury Department designed HARP program to make it easier for GSE borrowers with loan-to-value ratios of 80% to 125% to refinance at lower rates and reduce their monthly payments.

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