The Home Affordable Refinance Program generated 8.2 percent less business during the first quarter of 2011 than in the previous three-month period, according to new government data. Although overall HARP activity slowed in early 2011, there was a measurable increase in refinances of performing Fannie Mae and Freddie Mac loans that had current loan-to-value ratios exceed-ing 105 percent. But such loans accounted for only 1.7 percent of total refi activity by the two govern-ment-sponsored enterprises. HARP transactions accounted for...[includes one data chart]