Merkley Bill Would Help Homeowners Refinance, Rebuild Equity

Washington, DC – May 28, 2012 – (RealEstateRama) — Oregon’s Senator Jeff Merkley introduced the Rebuilding Equity Act, a bill that will lower costs for some homeowners seeking to refinance through the Home Affordable Refinance Program (HARP). Under this bill, if homeowners who are current on their mortgage seek to refinance into a 20-year loan term or shorter, Fannie Mae or Freddie Mac will cover the closing costs, a benefit averaging $3,000 per homeowner. In addition, families will benefit from substantially lower interest payments due to today’s record-low interest rates