Housing Issues Addressed in State of the Union
Tonight Obama gave the State of the Union address and remarked upon issues within the housing and mortgage markets. The President aims to expand last year’s Home Affordable Refinance Program so that homeowners who are current on their loans can refinance at the current historically low interest rates and therefore save on their monthly mortgage payments. (Mortgage rates dropped to another historic low again this week– currently 3.88% on a 30 year loan.)
Additionally, the President wants to create a new unit within his Financial Fraud Enforcement Task Force to probe misconduct and deceptive practices committed by mortgage lenders.
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