HARP program doubles mortgage refis in 2012

Since 2009, almost 2.2 million homeowners have gotten HARP refis, the government says. On average, they're saving about $4,300 a year on home loans, Fannie Mae estimates.''

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Almost 3 million more borrowers may be eligible for HARP, says Bob Walters, chief economist of Quicken Loans.

He says the biggest problem is that HARP had so many false starts, people don't pursue it, and they "believe it's too good to be true."

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HARP volume almost doubled in the first quarter of last year after the last changes took hold, according to data from the Federal Housing Finance Agency, the regulator of Freddie Mac and Fannie Mae.

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HARP demand has been strong. HARP refis accounted for 22% of Freddie Mac and Fannie Mae refis in the fourth quarter, FHFA says. That was up from 10% a year earlier. Freddie and Fannie backed 55% of first mortgages as of late last year.