More Help For Homeowners

The Helping Responsible Homeowners Act, sponsored by Sen. Barbara Boxer, apparently is gaining support in the Senate. Boxer just announced that Sen. Isakson of Georgia has signed on as co-sponsor. This carries more than the normal support of a co-sponsor, as Isakson previously ran one of the country's largest independent real estate brokerages.
The bill would do a number of important things. Most important are the following two. First, it would remove refi fees charged by Fannie & Freddie from refinancings handled by these two organizations. The fees, up to 2% often make many qualified owners reluctant to borrow the loans. Second, it would help many qualified homeowners whose loans are current refinance when they are 'under water'--the loan is more than the current market value of the home--also refi at current low rates. The idea behind the bill is to remove as many of the procedural barriers to borrowing that qualified homeowners face as possible. For more info, contact Senator boxer's office. As always, good luck.