Boxer-Isakson Proposal on Foreclosures and Refinancing

08/26/2011 9:52 AM | Anonymous

Another bill to watch on the national level -- Sen. Barbara Boxer (D-Calif.) and Sen. Johnny Isakson (R-Ga.) are sponsoring a bipartisan bill to help homeowners avoid foreclosure.   The bill has already received qualified statements of support from the National Association of Realtors, the National Consumers Law Center and the National Association of Mortgage Brokers.

The Boxer-Isakson legislation would do several things, including saving Fannie Mae and Freddie Mac money as a result of lowering the foreclosure rate. It would eliminate risk-based fees on loans for which Fannie and Freddie already bear the risk, removing refinancing limits on underwater properties and making it easier for borrowers with second mortgages to participate in refinancing programs, and it would help borrowers receive a fair interest rate, comparable to one received by any other borrowers in good standing who have not had a drop in home value and have stayed current with their mortgage payments.

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