What's Hot: Barnes and Noble Returns To Georgetown Next Week | How An Unmarried Couple Buys A Home Together
Housing Briefly Touched On During State of the Union
✉️ Want to forward this article? Click here.
While housing was not front and center in last night’s State of the Union address, President Obama did touch upon a couple initiatives and potential bills that would impact homeowners.
President Obama on refinancing mortgages:
“Responsible homeowners shouldn’t have to sit and wait for the housing market to hit bottom to get some relief. That’s why I’m sending this Congress a plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low interest rates. No more red tape. No more runaround from the banks. A small fee on the largest financial institutions will ensure that it won’t add to the deficit, and will give banks that were rescued by taxpayers a chance to repay a deficit of trust.”
The program, which is an expansion of HARP (which lets borrowers who are current on their mortgages refinance even if they’re way underwater), would be paid for by a fee on financial firms with more than $50 billion in assets. It would loosen the restrictions on who is eligible to refinance their mortgage beyond those who have loans backed by Fannie Mae and Freddie Mac, and with long-term rates hitting 3.88 percent last week, the initiative could help individual homeowners. Not that many people have used HARP yet; we’ll see if the newest version will be more popular if it gets through Congress.
President Obama on a new task force that will investigate questionable mortgage lending practices:
“This new unit will hold accountable those who broke the law, speed assistance to homeowners, and help turn the page on an era of recklessness that hurt so many Americans. A return to the American values of fair play and shared responsibility will help us protect our people and our economy.”
The unit that President Obama described will include officials from the SEC, IRS and the Department of Justice and would be co-chaired by New York Attorney General Eric Schneiderman.
See other articles related to: dclofts, mortgage lending, obama, policy, refinancing
This article originally published at https://dc.urbanturf.com/articles/blog/housing_briefly_touched_on_during_state_of_the_union/4987.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf will explore the considerations and steps involved in buyi... read »
Estate taxes, also known as inheritance taxes or death duties, are taxes imposed on t... read »
The most expensive home to sell in the DC region in years closed on Halloween for an ... read »
Paradigm Development Company has plans in the works to build a 12-story, 110-unit con... read »
The map and text amendment applications that were filed with the Commission last Octo... read »
- How An Unmarried Couple Buys a Home Together
- What Are Estate Taxes and How Do They Work?
- The Cliffs in McLean Sells For $25.5 Million, Highest Home Sale In DC Area In Years
- 110-Unit Condo Project Planned in Alexandria Coming Into Focus
- The Zones That Could Lead To More Development in Chevy Chase Set To Go Before Zoning Commission
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro