The Federal Housing Finance Agency this week announced a series of substantial and eagerly anticipated changes to the Home Affordable Refinance Program for borrowers with underwater Fannie Mae and Freddie Mac mortgages. Among the new HARP enhancements is the elimination of certain risk-based fees for borrowers who refinance into shorter-term mortgages and lower fees for other borrowers. Also removed is the current 125 percent loan-to-value ceiling for fixed rate mortgages backed by the government-sponsored enterprises. Furthermore, HARP 2.0 waives “certain” representation and warranties made by...