Department of Housing and Urban Development Secretary Shaun Donovan told lawmakers this week that the Obama administration was “encouraged” by the early activity in the revamped Home Affordable Refinance Program. And he was bullish on the prospects of HARP 2.0 picking up more volume as the program becomes fully operational by the end of this month. But available data and a new analysis by Inside MBS & ABS suggest that HARP 2.0 is not likely to generate much, if any, more volume over the next two years than HARP 1.0 did over the past three years. In fact, that was the Federal Housing Finance Agency’s...