Realtors® Offer Support for Bill to Help Responsible Homeowners Refinance
Earlier this year, NAR President Moe Veissi testified before the Senate Banking, Housing and Urban Affairs Committee in support of the “The Responsible Homeowner Refinancing Act of 2012,” introduced in Congress by Sens. Barbara Boxer, D-Calif., and Robert Menendez, D-N.J.
NAR supports the “Responsible Homeowner Refinancing Act” because it offers relief to responsible homeowners who have good credit and consistently meet their mortgage obligations, but who have been unable to refinance into lower interest rates because of constraints in Fannie Mae’s and Freddie Mac’s mortgage refinance guidelines.
The legislation, if signed into law, would extend streamlined refinancing; waive loan-to-value ratios for existing, well-performing loans; make refinancing more affordable by eliminating up-front fees and appraisal costs; improve competition for lenders looking to compete with the existing mortgage servicer; and establish penalties for second lien holders and mortgage insurers who block the refinance process.
The bill is currently awaiting further action by the Senate committee.