President Obama is not sitting idly by, as lawmakers continue to put brakes on his job bill. The 44th President is moving quickly to help homeowners who owe more than their homes are worth. I must say it’s things like this that makes me appreciate the President the most.
President Barack Obama is getting slick. Today he announced a number of ways to help the economy that will not require congressional approval, including an initiative to make it easier for homeowners to refinance their mortgages.
The actions come as Obama is facing resistance from Republicans to a $447 billion jobs package he has urged Congress to pass.
The first of the initiatives was unveiled during Obama’s 3-day trip to western states heralded by a new mantra: “We can’t wait” for lawmakers to act.
He discussed the changes in mortgage rules at a stop in Nevada, which has one of the hardest-hit housing markets in the country.
The Obama administration has been working with the Federal Housing Finance Agency, the regulator for Fannie Mae and Freddie Mac, to find ways to make it easier for borrowers to switch to cheaper loans even if they have little to no equity in their homes.
The FHFA intends to loosen the terms of the two-year-old Home Affordable Refinance Program (HARP), which helps borrowers who have been making mortgage payments on time but who have not been able to refinance as their home values have dropped.
The Wall Street Journal reported that the changes should boost refinancing because they will let banks avoid the risk of any “buy-back” on a HARP mortgage as long as borrowers have made their last six mortgage payments and they prove that they have a job or another source of passive income.
They are also set to reduce loan fees that Fannie and Freddie charge and waive fees on borrowers that refinance into loans with shorter terms, the Journal said.
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