Johnson Comments on FHFA's Changes to its Mortgage Refinancing Program

Statement

Today, Senator Tim Johnson (D-SD), Chairman of the Senate Banking, Housing and Urban Affairs Committee, welcomed the announcement by the Federal Housing Finance Agency that it was working with Fannie Mae and Freddie Mac to implement changes to the Home Affordable Refinance Program (HARP) in an effort to help some borrowers benefit from refinancing their home mortgage.

"The Federal Housing Finance Agency's mortgage refinancing plan is an important and overdue step in the right direction," said Chairman Johnson. "By making it easier for responsible homeowners to take advantage of today's low interest rates, the plan will help families across the country pay down their loans faster, help prevent foreclosures, and keep the housing market on a path to recovery. I'm pleased that FHFA is working to keep people in their homes while at the same time trying to reduce risk to the taxpayer."

Source