White House Refinance Plan Gains Momentum

(Of course this begs the question, will it really happen before November 6th?)

Daily Real Estate News | Monday, September 10, 2012

The White House’s plan to help more home owners refinance their mortgage into today’s ultra low rates is gathering new support, providing a lift to what had been considered a stalled proposal, The Wall Street Journal reports. 

The Obama administration is urging senators to vote as early as this week on an expansion of the Home Affordable Refinancing Program, and Democratic leaders are considering adding the expansion to their agenda for the two-week Senate session that starts today, Bloomberg reports.

Under the proposal, home owners would be able to refinance their mortgages with any lender through a government program. This would allow home owners to shop for the best mortgage rate rather than be limited to who they already had as a lender. The proposal also would potentially lower the cost of refinancing by removing certain fees that Freddie Mac and Fannie Mae charge.