Representative Welch introduces refi bill in the House
Continuing to the House of Representatives last Thursday, Representative Peter Welch (D-Vt.) introduced a refinancing support bill in the House. It has yet to be assigned a number.
U.S. Senators Robert Menendez (D-N.J.) and Barbara Boxer (D-Calif.) reintroduced similar legislation to allow more homeowners to refinance their mortgages, under certain caveats.
In a release from Menendez staff, an estimated 12 million Fannie Mae and Freddie Mac homeowners would be able to refinance to lower rates.
Under the S. 249 bill, borrowers would see reduced refi fees, and no cost for appraisals. HARP would be extended by one year past its current expiration on December 31, 2013.