C.A.R. Commends Rep. Costa for Introducing Bill to Help Homeowners Refinance


applauds California

Congressman Jim Costa (D-Fresno) for introducing legislation today that

will allow responsible homeowners to take advantage of current low

interest rates on mortgages.

"The Responsible Homeowner Refinancing Act" aims to remove barriers that

keep homeowners from refinancing through the Home Affordable Refinance

Program (HARP) and level the playing field to allow banks to compete for

borrowers' business.

"C.A.R. thanks Congressman Costa for introducing this important

legislation that will help millions of struggling homeowners refinance

into affordable mortgages," said C.A.R. President LeFrancis Arnold.

"Allowing responsible homeowners to refinance will ensure that HARP can

be used to its fullest potential and reach every homeowner it was

intended to reach. We hope the House will find time to address this

important piece of legislation prior to the end of the session," said


Specifically, the bill eliminates hurdles to refinancing for homeowners


Cannot afford upfront fees or the cost of appraisals

Have too much or too little equity to qualify for HARP

Have a second mortgage and currently cannot refinance

Have mortgage insurance and currently cannot refinance

Costa's bill is the House companion to legislation introduced last May

by Sens. Barbara Boxer (D-CA) and Robert Menendez (D-NJ). "The

Responsible Homeowner Refinancing Act of 2012" would streamline and

align the refinance processes of Fannie Mae and Freddie Mac and make it

easier for homeowners who are current on their mortgage payments but who

have been previously unable to refinance to finally take advantage of

record low interest rates.

Leading the way...® in California real estate for more than 100 years,


is one of the largest state trade organizations in the United States

with 155,000 members dedicated to the advancement of professionalism in

real estate. C.A.R. is headquartered in Los Angeles.


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