To: The United States Senate
How to help 1 in 4 homeowners at no cost to the taxpayer
Help underwater homeowners refinance to save their homes, stabilize home values and bolster local economies.
Why is this important?
It has been 4 years since the financial crisis but more than 25% of mortgages in the U.S. are underwater. It is hard to be optimistic when your home and largest asset is worth less than its loan amount. Today's historically low interest rates would be a godsend for me and millions like me if only we could refinance. The FHA has a streamlined program that allows its nondeliquent borrowers to refinance anytime they choose. Congress should mandate to Freddie Mac and Fannie Mae that a program like this be offered to all its homeowners who are underwater.