White House Support For Mortgage Refinance Plan?

White House Support For Mortgage Refinance Plan?

According to the New York Times, the Obama administration is considering a number of proposals aimed at strengthening the housing market, helping a large number of homeowners and stimulating the economy for a low cost.

One proposal would allow millions of homeowners with government backed mortgages to refinance them at today’s lower interest rates.  The thinking is that a wave of refinancing could stimulate the economy, because it would lower consumers’ mortgage bills right away and allow them to spend elsewhere. But such a sweeping change could face opposition from the regulator who oversees Fannie Mae and Freddie Mac, and from investors in government-backed mortgage bonds.  The White House is also working on a home rental program that would try to shore up housing prices by preventing hundreds of thousands of foreclosed homes from flooding the market. That program is further along — the administration requested ideas for execution from the private sector earlier this month.

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Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog

Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
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