Then new HARP program (Homeowner Affordable Refinance Program) was rolled out on December 1, 2011 in an effort to help more homeowners refinanced their Fannie Mae or Freddie Mac backed mortgages. The details of f the new program however suggest that the process will not help many of the homeowners who are struggling with their underwater mortgages. This article from Smartmoney.com explains the shortcomings of this program. Read article.