For some time, mortgage interest rates have been at all-time lows. However, many Americans have been unable to take advantage of this â€œonce in a lifetimeâ€ opportunity to refinance their home loan. Tighter loan requirements, lower appraised home values, and the slow economy have all conspired with reluctant lenders to cause widespread frustration, if not panic, among many home-owners. Critics have said that banks are resisting the requests of borrowers who need to replace older high-interest loans with newer, less costly ones. Most believe that if banks had immediately passed on to homeowners the ultra-low interest rates they were receiving from the Fed, the Great Recession would not have been nearly so great.
S.249 or H.R.736 – Responsible Homeowner Refinancing Act of 2013 (113th Congress 2013-2014)
I oppose reforming current homeowner mortgage refinancing policy
I support efforts to assist homeowners to refinance their mortgages including requiring Fannie Mae and Freddie Mac to adopt specified criteria pertaining to borrower eligibility, representations and warranties, prohibition on up-front fees, alternative streamlined methods to determine the value of a property, the purchase or guarantee of any new mortgage resulting from the refinancing of an eligible mortgage, to guarantee fees, and wish to identify a legislator who will either reintroduce S.249 or H.R.736 – Responsible Homeowner Refinancing Act of 2013 (113th Congress 2013-2014), or a similar version thereof