Although policymakers have acted quickly to enact other forbearance programs during the COVID-19 pandemic, HARP or a similar program has not been restarted, despite its previous success. Rigorous studies have estimated that this program, by reducing borrowers’ monthly mortgage payments, reduced the default rate on these mortgages by as much as 62 percent. HARP offered simplified documentation, automated appraisals, no or reduced loan-level pricing adjustments, and mortgage insurance transferability without regard to the mortgage’s current loan-to-value ratio. In the years following the housing market crisis, the Home Affordable Refinance Program (HARP) proved to be a highly effective tool in preventing mortgage defaults, with more than 3.4 million borrowers from 2009 to 2018 taking advantage of the refinancing opportunities provided by the program.