By Nick Timiraos | The Wall Street Journal
The government’s Home Affordable Refinance Program stands out among the alphabet soup of initiatives rolled out to stem a wave of foreclosures: It is one that is finally living up to its ambitions.
Nearly 3 million homeowners, including at least 900,000 who owe more than their mortgages are worth, have been able to refinance their loans under the crisis-era program designed to reach borrowers with little or no equity in their homes. The majority of those loans were refinanced in 2012 and 2013, after the government revamped the program following a disappointing start.
