Bloomberg News is reporting that Senators Robert Menendez and Barbara Boxer intend to introduce a new Bill later this week to address expanding the Home Affordable Refinance Program. The Bill will be very similar to The Responsible Homeowners Refinancing Act of 2012 which failed last year to make it out of the Senate Committee on Banking, Housing, and Urban Affairs. The Bill would expand HARP by providing assurances to lenders that they will not have to absorb losses on refinanced mortgages that default. I look forward to reviewing the specifics of the Bill when they become public. The U.S.Treasury has also indicated that they may step in to facilitate refinancing for underwater homeowners if Congress fails to act soon.
New HARP 3.0 Refinance Bill Is Forthcoming From Senators Menendez and Boxer
Posted by Marcus on January 30th, 2013