Fueled by a pent-up gusher of refinance activity on deeply underwater mortgages, the Home Affordable Refinance Program appears on pace to set a new record high in the second quarter of 2012, according to a new Inside MBS & ABS analysis. Based on loan-level data through the midway point in June, securitization of HARP loans by Fannie Mae and Freddie Mac is expected to reach an estimated $53.3 billion in the second quarter. That would represent a 27.1 percent increase over the previous record, $42.0 billion, set in the first three months of this year. A big chunk of the increase is...(Includes two data charts)