Oct 17, 2011
Senators back refinancing plan
17 Oct 2011
Posted by Andrew Kantor
Sixteen Senators say they’re behind a plan that would allow underwater homeowners to refinance at today’s lower rates, even if they wouldn’t necessarily qualify for a loan today.
Led by senators Barbara Boxer (D-Calif.), Johnny Isakson (R-Ga.) and Robert Menendez (D-N.J.), the bi-partisan group has already introduced a bill that would take things like loan-to-value limits and second-lien holders (which could easily derail a “traditional” refinancing) out of the equation.