Political Quotes

“I rise today in support of the Expanding Refinancing Opportunities Act of 2012. This bill will allow homeowners who are struggling to stay in their homes to refinance their loans at today's historically low mortgage rates. The administration's current refinancing programs are designed to help homeowners whose loans are guaranteed by Federal housing agencies. The problem is, those programs do nothing to help homeowners whose loans are owned by banks and mortgage trusts. This bill would create a fund in the Federal Housing Administration that would allow underwater homeowners whose loans are not guaranteed by the GSEs or FHA to refinance into today's low mortgage rates. The FHA would be able to insure these loans, greatly reducing the interest rates charged by lenders. Currently, these homeowners are completely locked out of refinancing and are not being served by the private markets. A homeowner paying 7 percent interest on their mortgage could reduce their interest rate by 2.5 percent or more through this program. The average American homeowner could save up to three thousand dollars a year in lower interest payments. The Expanding Refinancing Opportunities Act of 2012 is modeled after a proposal President Obama outlined in his State of the Union address in February. Eligibility requirements for this new program are very straightforward. Homeowners must be current on their mortgage. They must meet a minimum credit score.…”