House Dem Wants Freddie, Fannie To Offer 50-Year Refinancing

Law360, Washington (September 11, 2012, 8:07 PM EDT) -- A California congressman proposed a bill in the U.S. House of Representatives on Monday that would require lending giants Fannie Mae and Freddie Mac to offer 50-year mortgage refinance terms to some homeowners in an effort to stymie high home foreclosure rates.

Rep. Joe Baca, D-Calif., introduced the Flexible Refinancing for American Families Act, which directs Freddie and Fannie to provide 50-year agreements to qualified homeowners. The bill, he says, could provide lower monthly payments for individuals who are falling behind on payments under their current...
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