An interesting tidbit from JPMorgan Chase [stock JPM][/stock] securities conference call on Tuesday:

The HARP expansion will likely push prepays on Fannie Mae and Freddie Mac bonds past the previous height set in the summer of 2010.

Brian Ye, an analyst with Chase, said lenders are finally ramping up capacity (hiring people) to meet the demand.

Still, he noted, it's nearly half the 500,000 employees mortgage companies employed just before the bubble burst in 2007.