 Home Lending Refinance Program UnveiledSunday, October 23, 2011 - Article by: John A Soricelli Jr -
New Rules Aim to Speed Refinancing Federal regulators on Monday plan to unveil a major overhaul of an under-used mortgage-refinance program designed to help millions of Americans whose home values have tumbled. The plan is the latest White House effort to deal with one of the most critical impediments to economic recovery--a stagnant housing market caused in part by a surfeit of homeowners who are unable to refinance. The overhaul will, among other things, let borrowers refinance regardless of how far their homes have fallen in value, eliminating previous limits. That could open up refinancing to legions of borrowers in Nevada, Arizona, Florida, California and elsewhere who are paying high interest rates and are deeply "underwater," owing more than their houses are worth.......continue reading. |
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