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发帖数: 1457 | 1 【 以下文字转载自 MA_Mortgage_Realestate 俱乐部 】
发信人: chem (Mortgage Consultant), 信区: MA_Mortgage_Realestate
标 题: Senators press for mass mortgage refi plan
发信站: BBS 未名空间站 (Wed Oct 12 20:08:11 2011, 美东)
Some positive news on refinance
Wednesday, October 12th, 2011, 12:03 pm
A group of 16 senators sent a letter to regulators Tuesday, pressing for a
plan to boost mortgage refinancing for more homeowners as soon as possible.
Such a plan is being widely discussed admittedly, and now the lawmakers are
ready to see some action.
"Time is of the essence and we urge you to act quickly and aggressively to
ensure that responsible homeowners receive the full benefit of these lower
rates," the senators said in the letter to Treasury Secretary Timothy
Geithner, Department of Housing and Urban Development Secretary Shaun
Donovan, Federal Housing Finance Agency Acting Director Edward DeMarco, and
National Economic Council Director Gene Sperling.
In September, President Obama said his administration was working on a plan,
as part of his larger jobs bill, to eliminate fees and negative equity
restrictions to refinance Fannie Mae and Freddie Mac mortgages. The FHFA is
considering changes to the Home Affordable Refinance Program to get there.
Already, the two are experiencing a refinance boom as the average mortgage
rates slipped below 4% to a new all-time low. According to the senators,
there are nearly 19 million mortgages guaranteed by Fannie and Freddie with
interest rates above 5%.
Senators Barbara Boxer (D-Calif.), Johnny Isakson (R-Ga.) and Robert
Menendez (D-N.J.) led the letter Tuesday, pointing to their bill introduced
earlier in the year that would remove the loan-to-value limits, loan-level
price adjustments and second-lien holders from the refinancing process.
"All of these changes can be accomplished administratively and we urge that
you take immediate steps to do so," the senators said. "We also support
efforts to address other hurdles that have limited the success of current
refinance programs, including representations and warranties, mortgage
insurance, and high lender origination fees."
At the Mortgage Bankers Association annual conference in Chicago Tuesday,
HUD Secretary Shaun Donovan said a plan would be coming in the next few
weeks, just as Geithner said before Congress last week.
More than 13 million homeowners have refinanced their mortgage since 2009,
he said, translating to close to $20 billion in savings.
"With HARP responsible for less than 1 million refinancing and mortgage
rates below 4%, we need to pick up the pace. We've been engaged in intense
discussions with FHFA, lenders, mortgage insurers and investors to enhance
the program and increase its reach," Donovan said. "We hope to have a plan
ready in the next couple of weeks, and we need you to use your resources and
your focus to this effort as well." |
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