Senate Dems Eye GOP Support For Smaller Mortgage Refi Bill

Law360, New York (September 10, 2012, 6:21 PM EDT) -- Senate Democrats on Monday reintroduced a bill aimed at spurring more home refinancings, this time cutting back on some provisions in the earlier version that could have punished lenders, and limiting the number of underwater homeowners who would benefit in a bid to gain Republican support.

Sen. Robert Menendez, D-N.J., and Sen. Barbara Boxer, D-Calif., said that their bill, the Responsible Homeowner Refinancing Act, would streamline the process for refinancing mortgages owned by Fannie Mae and Freddie Mac, potentially lowering interest rates for up to 13.5...
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