Homeowner Refinancing Act Resubmitted by Senators Menendez and Boxer

Posted To: MND NewsWire

Two U.S. Senators have reintroduced legislation to help homeowners refinance into lower interest mortgages . The bill, T he Responsible Homeowner Refinancing Act of 2013 , removes the barriers preventing the Fannie Mae and Freddie Mac borrowers from refinancing their loans at the lowest rate possible. The legislation, introduced by Robert Menendez (D-NJ) and Barbara Boxer (D-CA) had failed to pass the 112 th Congress. If passed it would direct the GSEs to require the same streamlined underwriting and associated representations and warranties under the Home Affordable Refinancing Program (HARP) to new servicers who now face stricter underwriting guidelines fear greater risk from putbacks and loan repurchases than do the current servicers who already have the risk. This would level the playing…(read more)

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