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This just in from Senator Boxer's office

Boxer praises announcement of new efforts to help homeowners refinance

Posted: October 24, 2011 11:52 a.m.
Updated: October 24, 2011 11:52 a.m.
 


Washington, D.C. - U.S. Senators Barbara Boxer today praised the Federal Housing Finance Agency's announcement of new steps it will take to reduce the barriers that have kept millions of responsible homeowners from refinancing and taking advantage of today's record low interest rates.

The plan includes key elements proposed by Boxer and Isakson in their bipartisan Helping Responsible Homeowners Act.

Senator Boxer said, "I am very pleased that the administration is taking these steps to help responsible homeowners refinance at historically low interest rates. Allowing these homeowners to refinance at today's record low rates will keep families in their homes and boost the economy by putting thousands of dollars back in the pockets of borrowers.

"I urge FHFA to move swiftly to assure that these new policies will help as many homeowners as possible."

The reforms announced today by the Federal Housing Finance Agency (FHFA) are aimed at helping the millions of borrowers with non-delinquent Fannie Mae or Freddie Mac-backed mortgages.

Changes include eliminating risk-based fees on loans for which Fannie and Freddie already bear the risk and removing refinancing limits on underwater properties - two significant components of S. 170, the Helping Responsible Homeowners Act.

Mark Zandi, chief economist at Moody's Analytics, has estimated that the new plan could help an additional 1.6 million homeowners refinance by the end of 2013.

By refinancing at today's low rates, the average homeowner - with a $150,00 loan - could save $1,600 a year.

Note: The Signal delivers press releases from reliable sources under the “This just in” header to provide up-to-the-minute information to our website readers. Information from “This just in” has not been vetted by The Signal news room. It may appear subsequently in news stories after it has been vetted.

Interest rates remain near historically low levels, at 4.11 percent for a 30-year fixed mortgage.

 

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