Senators press administration to simplify refinancing

The changes include eliminating risk-based fees and refinancing limits on loans held by Fannie and Freddie, which is included in legislation introduced by Boxer and Isakson. 

“Yesterday’s announcement means that responsible homeowners who have continued to pay their mortgages every month despite falling home values will be able to refinance at historically low rates,” the wrote. 

“These changes not only will help homeowners and stabilize neighborhoods, they also will give a boost to the economy as homeowners will have more money to spend in their communities.”

Boxer and Isakson also sent the letter to Treasury Secretary Timothy Geithner, Shaun Donovan, secretary of Housing and Urban Development, Gene Sperling, director, National Economic Council and Edward DeMarco, acting director, FHFA.