While it’s good to hear the market is improving, many homeowners are still struggling to keep their homes. Last week, California Rep. Jim Costa (D-Fresno) introduced a bill that will let responsible homeowners take advantage of current low interest rates on mortgages and allow them to stay in their homes.
“The Responsible Homeowner Refinancing Act” aims to remove barriers that keep homeowners from refinancing through the Home Affordable Refinance Program (HARP) and level the playing field to allow banks to compete for borrowers’ business. Costa’s bill is the House companion to legislation introduced last May by Sens. Barbara Boxer (D-CA) and Robert Menendez (D-NJ). “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.
See a summary of the Costa bill