Underwater Homeowners Refinancing Bill Gains Momentum

A bill written by Barbara Boxer and currently moving through the U.S. Senate could help millions of homeowners whose homes are underwater (they have a mortgage balance amounting to more than the home is worth). This bill would remove the barriers to refinancing that millions of homeowners have struggled with. Called “Helping Responsible Homeowners Act,” it would order Fannie Mae and Freddie Mac to remove refinancing barriers and waive fees so borrowers could refinance and obtain a lower rate. The bill would enable the refinance to go through and create a more affordable transaction. The bill has a Republican supporter and would not only help millions of borrowers, but would help the mortgage industry as well.

SOURCE: Mike Colpitts, HousingPredictor.com

URL: http://www.housingpredictor.com/2011/underwater-homeowners-refinancing.html