2012-09-12housingwire.com

Senate Democrats reintroduced a bill to expand refinancing for an estimated 13.5 million Fannie Mae and Freddie Mac mortgage borrowers.

Sens. Robert Menendez, D-N.J., and Barbara Boxer, D-Calif., will keep the origination cut-off date for the Home Affordable Refinance Program at June 2009 after a previous version expanded the program through June 2010.

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The new version of the bill also eliminates previously proposed penalties for second lien holders and mortgage insurers who did not approve or transfer coverage in order to allow a HARP refinance to go through.


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