The CALIFORNIA
ASSOCIATION OF REALTORS® (C.A.R.) applauds California
Congressman Jim Costa (D-Fresno) for introducing legislation today that
will allow responsible homeowners to take advantage of current low
interest rates on mortgages.
“The Responsible Homeowner Refinancing Act” aims to remove barriers that
keep homeowners from refinancing through the Home Affordable Refinance
Program (HARP) and level the playing field to allow banks to compete for
borrowers’ business.
“C.A.R. thanks Congressman Costa for introducing this important
legislation that will help millions of struggling homeowners refinance
into affordable mortgages,” said C.A.R. President LeFrancis Arnold.
“Allowing responsible homeowners to refinance will ensure that HARP can
be used to its fullest potential and reach every homeowner it was
intended to reach. We hope the House will find time to address this
important piece of legislation prior to the end of the session,” said
Arnold.
Specifically, the bill eliminates hurdles to refinancing for homeowners
who:
-
Cannot afford upfront fees or the cost of appraisals
-
Have too much or too little equity to qualify for HARP
-
Have a second mortgage and currently cannot refinance
-
Have mortgage insurance and currently cannot refinance
Costa’s bill is the House companion to legislation introduced last May
by Sens. Barbara Boxer (D-CA) and Robert Menendez (D-NJ). “The
Responsible Homeowner Refinancing Act of 2012" would streamline and
align the refinance processes of Fannie Mae and Freddie Mac and make it
easier for homeowners who are current on their mortgage payments but who
have been previously unable to refinance to finally take advantage of
record low interest rates.
Leading the way...® in California real estate for more than 100 years,
the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org)
is one of the largest state trade organizations in the United States
with 155,000 members dedicated to the advancement of professionalism in
real estate. C.A.R. is headquartered in Los Angeles.
