Exciting news for Venture, Los Angeles and Orange County homeowners….
California’s Senator Barbara Boxer’s (D) call for action on the GSE regulator to accept various item changes and adjustments to the current Home Affordable Refinancing Program so that Fannie Mae and Freddie Mac may begin to provide further refinance opportunities for homeowners currently suffering to stay afloat.
Senator Boxer explains her bill S.170, the Helping Responsible Homeowners Act of 2011, would eliminate the active cap on refinancing suffering borrowers and aid an anticipated two million homeowners with a substantially lower interest rate and reducing the GSE fees currently charged to borrowers; saving homeowners thousands of dollars overall while boosting the economy. Senator Boxer states:
“The time to help struggling homeowners is now – while interest rates remain at near-historic lows,” she continues with, “This legislation would help millions of responsible homeowners who are making their payments, but are still struggling to make ends meet. By helping these homeowners refinance at lower rates, we will put thousands of dollars back in the pockets of families and strengthen our economy.”
Senator Boxer also went as far as to request the Federal Housing Finance Agency acting director, Edward DeMarco, to take executive actions to implement the HARP changes outlined within the S. 170 in a follow up letter expressing:
“I understand that White House officials are now examining steps that mirror the approach of S. 170, but I am still waiting to receive a response from you to my original request which I reiterate today – that FHFA immediately implement our approach.” Senator Boxer also states that, “experts tell us” the HARP changes would “reduce defaults and result in a net savings for Fannie Mae and Freddie Mac.”
Currently in consideration by the Obama administration, Senator Boxer and Senator Johnny Isakson (R-Ga), a strong co-sponsor of the bill, await to hear of news on their S.170. Together, they continue to push the demand for suffering borrowers who are in need of lower monthly mortgage rates to better reduced monthly mortgage payments.
Though time is passing over quickly, efforts both inside the White House and out are calling for action and performing their due diligence in targeting aid to all homeowners in need of refinancing their home.
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