"It is so true that most of the recent refinance activity is from the same people who refinanced last year. Unwilling spectators to this now 2nd wave of refinancing are the HARP-ready post June 1, 2009, crowd. For no other reason than a 'HARP Redlined' prior closing date (a particularly cruel 'overlay' and the logic of which lacks relevance now) they sit idly by while their neighbors refinance multiple times. True the multi-refinancers have equity, though there is a huge pool of HARP-ready post 6-1-9ers that would now enjoy huge savings in today's market as many of them are sitting on the 4.75%-5.25% loans that were prevalent during the third quarter of 2009. If only they'd closed a little sooner..." After ruminating on the issue for several months, the Federal Housing Finance Agency (FHFA) gave Congress and the Treasury "the Heisman" (think arm outstretched warding off an opponent) and announced that Fannie Mae and Freddie Mac will not lower the amount some homeowners owe on their mortgages.