Homeowner Refinancing Act Resubmitted by Senators Menendez and Boxer

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...

Finance Committee Chair Suggests FHA Could be Next Countrywide

On Wednesday the House Financial Services Committee held the first of a scheduled series of hearings on the financial condition of the Federal Housing Administration (FHA) . A memo released by the Committee's chairman Jeb Hensarling (R-TX) says that the FHA's single-family insurance fund which insures more than 294832 trillion worth of home mortgages , has a negative economic value of $16.3 billion, according to an independent actuarial report released in November which means that if the FHA stopped...

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Around the Web

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• Obama Urged by House Democrats to Replace Fannie Mae's Regulator

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	"Maybe we could add #4. Provide the mortgage industry proposed alternatives to CFPB rules to show how we already protect consumers in normal day to day..."
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