California’s Sen. Boxer Wants FHFA to Aid in Underwater Refi Effort

Senator Barbara Boxer, D-Calif., is pressing the GSE regulator to adopt several changes to the Home Affordable Refinancing Program, allowing Fannie Mae and Freddie Mac to refinance more underwater borrowers.

California boasts more troubled loans than any other state in the nation.

Several months ago, the California senator introduced legislation (S. 170) that would eliminate a cap on refinancing underwater borrowers and reduce the risk-based fees the GSEs charge borrowers. …

Article source: http://www.nationalmortgagenews.com/dailybriefing/2010_419/boxer-wants-fhfa-underwater-refi-1026300-1.html?CMP=OTC-RSS

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