The California Association of Realtors commends California Senator Barbara Boxer and New Jersey Senator Robert Menendez for reintroducing a measure that would allow millions of homeowners to more easily refinance their mortgages at lower rates.
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“We applaud Senators Boxer and Menendez for reintroducing this bill and recognizing that it benefits all parties involved,” said C.A.R. President LeFrancis Arnold. “Responsible homeowners who can refinance will avoid foreclosure and have more money in their pockets. Fannie Mae and Freddie Mac will see fewer foreclosures, and the housing market can continue its recovery.”
First introduced in May, “The Responsible Homeowner Refinancing Act of 2012″ would streamline and align the refinance processes of Fannie Mae and Freddie Mac and make it easier for homeowners who are current on their mortgage payments but who have been previously unable to refinance to finally take advantage of record low interest rates.
The proposed legislation would extend streamlined refinancings; waive loan-to-value ratios for existing, well-performing loans to participate in the streamline program; make refinancings more affordable by eliminating up-front fees and appraisal costs; and improve competition for lenders looking to compete with the existing mortgage servicer.