Kimberly Nguyen

Bill Aimed at Helping Underwater Homeowners Gains Support ….

In News on July 20, 2011 at 2:36 pm

The Helping Responsible Homeowners Act (S. 170)was introduced in January to help underwater homeowners who are not delinquent to refinance their mortgage with today’s low interest rate. This bill is being supported by Sen. Barbara Boxer and Sen. Johnny Isakson is gaining ground. The purchase of this bill is to help millions of responsible homeowners who are current on their payments to refinance their underwater mortgage with the low interest rate. By doing so will help these homeowners put thousands of dollars back in their pockets and encourage spending to strengthen our economy.”

This bill is widely endorsed by these following organization, the National Association of Mortgage Brokers, the National Consumer Law Center, the California Association of Realtors, the California Association of Mortgage Professionals William Gross, managing director and co-CIO of PIMCO.

The Helping Responsible Homeowners Act (S. 170)currently offer these homeowners come with high, up-front, risk-based fees – up to two percent of the loan amount – making them largely unpopular. Therefore the legislation of S170 would eliminate these upfront fees.


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