The new refinance program being developed for Fannie Mae and Freddie Mac borrowers with high loan-to-value ratios will not be available for homeowners who have already used the Home Affordable Refinance Program, according to the regulator of the two government-sponsored enterprises. The Federal Housing Finance Agency this year directed Fannie and Freddie to develop a replacement program for HARP, which will sunset at the end of 2016. MBS investors have been concerned...[Includes one data table]