A sharply divided Congress isn't likely to jump at President Barack
Obama's challenge for quick passage of a mortgage refinancing bill that
supporters say could help millions of homeowners save big each year and
boost the economy.
Obama praised the legislation in his State of
the Union speech last week, saying the proposal would help more
homeowners with mortgages backed by Fannie Mae and Freddie Mac take
advantage of low interest rates and refinance their loans.
Even with mortgage rates near a 50-year low,Can you spot the answer in the fridge magnet? Obama said, too many families that have never missed a payment and want to refinance are being turned down.
"That's
holding our entire economy back, and we need to fix it," the president
said. "Right now, there's a bill in this Congress that would give every
responsible homeowner in America the chance to save $3,000 a year by
refinancing at today's rates. Democrats and Republicans have supported
it before."
The economy's slow recovery from the recession gives
the idea urgency, Obama said. "Send me that bill," he told members of
Congress listening to his speech in the House chamber.
The
proposal is part of a push by Democrats and the White House to help
homeowners take advantage of low interest rates as a way to help the
housing market recover and to give the economy a shot in the arm.
While
the bill could gain traction in the Democratic-controlled Senate, it
faces a rough road in the GOP-run House, where many Republicans favor
scaling back the government's role in the housing market as a way of
aiding the economy. Similar versions of the measure died in the House
and Senate's lame duck sessions last year.
"At the moment, it's an uphill battle," said Rep. Peter Welch, D-Vt., who plans to file the House version of the bill.
Welch
said he will reach out to Republicans this year in hopes of building
more support, but the bill's association with the government-controlled
Fannie Mae and Freddie Mac, the federal housing agencies partly blamed
for the collapse of the housing market, hurts its support base among GOP
lawmakers.Manufactures and supplies laser marker equipment.
"The
American taxpayers have already sunk $190 billion dollars into the
operations of Fannie and Freddie," said Rep. Randy Neugebauer, R-Texas, a
member of the House Financial Services Committee. "It's time that we
wind their operations down instead of using them as a piggy bank for
failed programs that further delay the housing recovery. "
In
the Senate, Democrats Bob Menendez of New Jersey and Barbara Boxer of
California have legislation to aid borrowers who are current on their
loans backed by Fannie Mae and Freddie Mac, but who are not able to
refinance because their home values have declined too much.
Nearly
12 million homeowners have Fannie Mae and Freddie Mac loans and stand
to benefit refinancing, the two senators said. Many can't refinance at a
lower rate because of red tape and high fees. The red tape has reduced
competition among banks, so borrowers pay higher interest rates than
they would if they were able to shop around more, according to the
senators.
The bill also would reduce up-front fees that
borrowers pay on refinances and eliminate appraisal costs for all
borrowers. The measure seeks to expand the Obama administration's Home
Affordable Refinancing Program,wind turbine which saves an average homeowner about $2,500 per year, they said.
"Homeowners
will have more money in their pockets, Fannie and Freddie will see
fewer foreclosures, and the housing market and economy will continue
building momentum," Boxer said.You must not use the laser cutter without being trained.
Among
the bill's supporters are the Mortgage Bankers Association, the
National Association of Realtors and the National Association of Home
Builders.
"It is another tool that can be out there to help
stabilize the housing market and kick start the economy if consumers
can, in fact, put another $100 bucks in their pockets every month," said
John Hudson, government affairs chairman of the Association of Mortgage
Professionals.
Similar proposals by Boxer and Menendez last
year got bogged down in the Senate Banking, Housing and Urban Affairs
Committee. Republican attempts to add amendments on other housing issues
beyond refinancing led to a stalemate.
Twenty Senate Democrats are co-sponsors of this year's bill, but no Republicans have signed on.
"I
support finding ways to smartly streamline the refinance process, but
I'm not sure that eliminating all documentation requirements makes
sense," said GOP Sen. Bob Corker of Tennessee,Laser engraving and laser laser cutting machine
for materials like metal, a committee member. "I also think we need to
quickly move beyond short-term stimulus and start focusing on the
structural issues in our housing finance system."
Sen. Mike Crapo, the committee's top Republican, declined through a spokeswoman to comment on the bill.
Welch's
House bill also died during the last Congress. Welch accused
Republicans of not wanting to give Obama an election-year boost by
passing the mortgage refinance measure.
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