Feb 7, 2013 7:16PM
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...
Feb 7, 2013 10:37AM
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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