As the picture of the revised Home Affordable Refinance Program finally came into greater focus this week, MBS analysts indicate that the impact of HARP 2.0 will neither be quite as terrible for MBS investors as feared, nor terribly helpful to the stagnant housing market and the economy at large. The Federal Housing Finance Agency made most of the changes the market expected and steered clear of one that might have boosted HARP business significantly: changing the eligibility cut-off date to give existing HARP borrowers a second crack at the program. The agency agreed to remove the 125 percent loan-to-value cap – although very little...