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You may Say What is the “The Responsible Homeowner Refinancing Act”


Is this part of HARP 2.0 ?
 Is this to Save may home ?
Is this part of a new Government program ?
What is it?
Are you a have you been paying your mortgage on time?


 California Rep. Jim Costa (D-Fresno) introduced a bill that will let responsible homeowners take advantage of current low interest rates on mortgages and allow them to stay in their homes. 



This was introduced to us from out C.A.R. President  LeFrancis Arnold
Please see the info below, this may help you to get your home refinanced. According to this program. 

“The Responsible Homeowner Refinancing Act” aims to remove barriers that keep homeowners from refinancing through the Home Affordable Refinance Program (HARP) and level the playing field to allow banks to compete for borrowers’ business.  Costa’s bill is the House companion to legislation introduced last May by Sens. Barbara Boxer (D-CA) and Robert Menendez (D-NJ).  “The Responsible Homeowner Refinancing Act of 2012" would streamline and align the refinance processes of Fannie Mae and Freddie Mac and make it easier for homeowners who are current on their mortgage payments but who have been previously unable to refinance to finally take advantage of record low interest rates.  C.A.R. thanks Mr. Costa for introducing this important legislation.


Below is a excerpt of the actual "responsible Homeowner Refinancing Act"


The Responsible Homeowner Refinancing Act of 2012

There are nearly 13.5 million responsible borrowers in loans guaranteed by Fannie Mae and Freddie 

Mac who could benefit from refinancing at today’s low interest rates.  Although recent changes to the 

Home Affordable Refinance Program (HARP) were a step in the right direction, they left in place barriers 

that will keep millions of borrowers trapped in higher interest loans.  The Responsible Homeowner 

Refinancing Act (H.R. 6428) will build on these changes and further expand opportunities to access 

historically low interest rates for borrowers who make their mortgage payments on time.  

To remove the barriers preventing borrowers who are making their payments on time from refinancing 

their loans at the lowest rates possible, the bill would:

Remove barriers to competition

Under HARP, lenders who want to compete with the borrower’s current lender for that borrowers’ 

business continue to face stricter underwriting criteria and greater risk that the GSEs will force them 

to buy that loan back should the borrower default.  These different standards have posed a barrier 

to competition, resulting in higher prices and less favorable terms for borrowers.  A recent study by 

Amherst Securities Group found that HARP borrowers are paying more than half a percentage point 

more than borrowers with other types of loans.

This bill would direct the GSEs to require the same streamlined underwriting and associated 

representations and warranties for new servicers as they do for current servicers, leveling the 

playing field and unlocking competition between banks for borrowers’ business.  

Guarantee equal access to streamlined refinancing for GSE borrowers

For a copy of the Full act please contact us: