The Home Affordable Refinance Program has nearly reached the practical limit of eligible homeowners willing and/or able to refi – whether or not the regulator of Fannie Mae and Freddie Mac further tweaks the program’s eligibility requirements, say industry observers. This week, Federal Housing Finance Agency Director Mel Watt met with community leaders in Chicago in a town hall-style meeting to discuss the benefits of HARP. Last fall, the agency launched a nationwide public awareness campaign to reach eligible borrowers and encourage them to participate in HARP, with little apparent success. “We are...