WASHINGTON — A revised plan to help underwater borrowers refinance into historically low interest rates is likely to boost competition among mortgage lenders and roughly double the number of people already helped by the government program, according to analysts and industry representatives.

The Obama administration and federal regulators announced Monday that they would make several changes to the Home Affordable Refinance Program, including eliminating key obstacles that were stopping more homeowners from taking advantage of the plan. Those included broadening the number of eligible mortgages to include those that are deep underwater and scrapping required warranties and representations for lenders.

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