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President to Outline Plan to Expand Refinancing Opportunities at 3pm Today

by devteam May 11th, 2012 | Share

In remarks scheduled for 3 p.m. in Reno, President Obama will call on Congress to expand mortgage refinancing opportunities as a way to boost the economy.  According to Secretary of Housing and Urban Development Shaun Donovan, the president will press Congress to take up legislation introduced by several senators and which Donovan touched on in testimony to the Senate on Tuesday.  These bills would expand refinancing for homeowners with both GSE and non-GSE loans and create incentives for homeowners to rebuild their home equity.</p

According to Donovan, the president will outline a plan with three key components:</p<ul

  • Remove barriers to borrowers with GSE insured loans by expanding use of automated underwriting; streamline underwriting process to include not just borrower’s existing lender but rest of market as well. Plan would extend these steps to homeowners with GSE- loans who have significant equity in their home</li
  • Grant access to streamlined refinancing to non-GSE, non-FHA borrowers; program would be run through FHA</li
  • Underwater borrowers who refinance would have choice of lower monthly payments or apply savings to rebuild equity in home; those who choose latter option would have closing costs covered
    </li</ul

    Related Reading
    </p

    Potential Broad-Based Refi Plan Aims To Level Playing Field; Increase Home Prices

    Prelude to HARP 3.0 as Donovan Testifies at Senate Hearing

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    • About the Author

    devteam

    Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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