Washington - Los Senadores federales estadounidenses Robert Menéndez (D-NJ) y Barbara Boxer (D-CA) presentaron hoy un proyecto de ley para ayudar a millones de propietarios de vivienda responsables refinanciar con tasas más bajas y así ahorrar miles de dólares al año - una medida que ayudaría a completar un elemento clave en la "Lista de Cosas a Lograr" del Presidente Obama. A principios de esta semana, Obama exhortó al Congreso a tomar acción sobre una serie de medidas para crear empleos y restablecer la seguridad económica de las familias de clase media, incluyendo legislación para facilitar el proceso de refinanciamiento. Mañana en Nevada, el Presidente pondrá de relieve la importancia de ayudar a los dueños de vivienda responsables a refinanciar su propiedad. Esto pondrá miles de dólares de vuelta en los bolsillos de las familias trabajadoras y dará impulso a nuestra economía.
"Estoy de acuerdo con la "Lista de Cosas a Lograr" del Presidente Obama para generar más empleos y fortalecer nuestra clase media," dijo Menéndez. "Es por eso que la Senadora Boxer y yo estamos presentando hoy una legislación para ayudar a los propietarios de vivienda responsables a refinanciar y reducir sus tasas de interés hipotecario. It will put thousands of dollars back in the pockets of hard working families and boost our economy. No hay razón por la que no podamos marcarla como 'completada' rápidamente."

"Este proyecto de ley es ganancia para todos: una victoria para los propietarios responsables que podrán refinanciar a bajas tasas de interés, una victoria para los prestamistas hipotecarios que podrán disfrutar de nuevas fuentes de negocio, y una victoria para las comunidades y nuestra economía que se beneficiará de los refinanciamiento adicionales que serán posibles gracias a este proyecto de ley," dijo Boxer. "

El economista jefe de Moody's Analytics, Mark Zandi, ha proyectado que el proyecto de ley de Menéndez y Boxer dará lugar a tres millones de refinanciamiento adicionales.
La tasa promedio para una hipoteca a 30 años es de 3,84 por ciento - una tasa históricamente baja. Sin embargo, 17,5 millones de propietarios de viviendas con préstamos garantizados por Fannie Mae y Freddie Mac pagan intereses por encima del 5 por ciento, muchos de los cuales no se puede refinanciar a una tasa más baja debido a trámites burocráticos innecesarios y altos honorarios. La burocracia he prevenido la competencia entre los bancos, por lo que los prestatarios terminan pagando mayores tasas de interés que si fueran capaces de evaluar diferentes ofertas y opciones.

Bajo el programa de refinanciamiento de la Administración actual (HARP), el dueño de casa promedio ahorra alrededor de $ 2.500 por año. Este proyecto de ley aumentaría la cantidad que podrían ahorrar y probablemente ampliar el grupo de prestatarios elegibles por varios millones de individuos.

El Proyecto de Ley de Refinanciamiento para Propietarios Responsable de 2012 elimina las barreras que impiden a estos prestatarios de Fannie Mae y Freddie Mac la refinanciación de sus préstamos. Específicamente el proyecto de ley haría los siguiente:

• Extender refinanciación simplificada para todos los prestatarios de Fannie y Freddie, independientemente de lo que deben en comparación al valor de su casa
• Eliminar completamente las cuotas iniciales en refinanciamiento
• Eliminar los costos de evaluación para todos los prestarios
• Eliminar barreras adicionales que previenen la competencia
• Exigir a los titulares de segundo gravamen y las aseguradoras de hipotecas que injustificadamente bloqueen una refinanciación el pagar una multa
• Se pagaría solo ya que reducir los pagos hipotecarios de propietarios de viviendas también reduce las tasas de morosidad y las ejecuciones hipotecarias, reduciendo asi la dependencia de Fannie y Freddie en rescates del gobierno con dineros de los contribuyentes. Por esto, la ley beneficia tanto a los contribuyentes como a los propietarios de viviendas.
El proyecto de ley ha sido apoyado por un extensor grupo de organizaciones tales como: Americanos por la Reforma Financiera, Amherst Securities (inversores hipotecarios), Center for Responsible Lending, Columbia Business School Profesor Chris Mayer, el Consejo Nacional de La Raza (NCLR), Economista Jefe de Moody 's Analytics Mark Zandi, Asociación Nacional de Constructores de Viviendas, Asociación Nacional de Corredores de Hipotecas de la Asociación Nacional de Agentes Inmobiliarios, National Consumer Law Center (en nombre de sus clientes de bajos ingresos), y Quicken Loans.

The bill has been endorsed by a wide array of groups including Americans for Financial Reform, Amherst Securities (mortgage investor), Center for Responsible Lending, Columbia Business School Professor Chris Mayer, National Council of La Raza, Moody's Analytics Chief Economist Mark Zandi, National Association of Homebuilders, National Association of Mortgage Brokers, National Association of Realtors, National Consumer Law Center (on behalf of its low income clients), and Quicken Loans.

Los co-patrocinadores del proyecto de ley actualmente incluyen: Senadores Reed, Merkley, Durbin, Stabenow, Franken, Begich, y Feinstein.

Resumen del Proyecto de Ley de Refinanciamiento de 2012 (Responsible Homeowner Refinancing Act of 2012)

Senators Robert Menendez (D-NJ) and Barbara Boxer (D-CA)

There are 17.5 million loans guaranteed by Fannie Mae and Freddie Mac paying interest above 5 percent that could benefit from a refinance. Although recent changes to the Home Affordable Refinance Program (HARP) were a step in the right direction, they leave in place barriers that will keep millions of borrowers trapped in higher interest loans. The Menendez-Boxer Responsible Homeowner Refinancing Act 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 current on their payments from refinancing their loans, the bill would:

• Extend streamlined refinancing for GSE borrowers
FHFA recently expanded HARP eligibility to underwater borrowers and made several important changes to streamline the underwriting process and reduce the costs of refinancing. As currently structured, however, these reduced costs would apply only to HARP-eligible borrowers with less than 20 percent equity; Freddie Mac actually imposed new barriers on higher equity borrowers, making their ability to refinance more difficult.
This bill would ensure that all GSE borrowers who are making their payments have the same access to simple, low-cost refinances, regardless of loan to value. Not only is this an issue of fairness, but applying these measures to higher equity borrowers makes good business sense. Allowing banks to have a single set of rules for all GSE borrowers will simplify the process and make it easier and more automatic for servicers to market and promote this program. The bill also extends the date of eligibility for borrower participation an additional year, through May 31, 2010, the point at which interest rates remained steadily under 5%.
• Eliminate up-front fees completely on refinances
Although the GSEs lowered up front fees for HARP loans with less than 20 percent equity, they left them in place for those with more equity. This created the odd situation where borrowers with high levels of equity seeking to refinance could face steeper costs than borrowers with no equity. The GSEs already bear the risks on these loans; yet this policy actually makes it less likely that borrowers will be able to take advantage of the low rates and increases the chance they will eventually default. These additional fees can be as high as two percent of the loan amount, or an extra $4,000 on a $200,000 loan. For borrowers struggling to keep up with their payments, this is an additional cost they simply cannot afford. This bill prohibits the GSEs from charging up front fees to refinance any loan they already guarantee.
• Eliminate appraisal costs for all borrowers
Even with the GSE's expanded use of Automated Valuation Models, borrowers who happen to live in communities without a significant number of recent home sales will have to get a manual appraisal for a HARP refinance. This bill requires the GSEs to develop and allow additional streamlined alternatives to manual appraisals to determine the value of a property for which a HARP refinancing is sought. This will eliminate a significant barrier that will reduce cost and time for borrowers and lenders alike.
• Further streamline refinancing application process
HARP already restricts participation to borrowers who are current on their loans and have demonstrated a commitment to making their payments on time - despite any loss of income or home value. Lowering the interest rate for these borrowers increases the odds that they will be able to continue making their payments and reduces the risk of default faced by the GSEs. By eliminating employment and income verification requirements, this bill further streamlines the refinancing process and allows lenders to send eligible borrowers a pre-approved application packet that they need only sign and return. Since taxpayers already own the risk of these loans, it makes no sense to impose these requirements that could prevent borrowers from getting lower payments.
• Remove additional barriers to competition
Under HARP, lenders looking to compete with the current servicer of a borrower's loan continue to face barriers to participating in the program. This lack of competition means higher prices and less favorable terms for the borrower. 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.
• Require second lien holders who unreasonably block a refinance to pay a fine
The bill would require lenders who do not permit a second lien to be re-subordinated to a refinanced loan, as long as that refinanced loan does not increase the risk faced by the second lien holder, to a fine that will be applied to the borrower's primary loan balance. Many borrowers have been prevented from refinancing because their second note-holder has refused to re-subordinate their lien, even though reducing payments on the first mortgage would make it more likely the borrower would be able to continue making payments on the second, putting the second lien holder in a better position.
• Require mortgage insurers who unreasonably fail to transfer coverage to refinanced loans to pay a fine
As with second lien holders, any refinancing of a loan that makes it easier for a borrower to repay puts a mortgage insurer in a better position. Following the recent changes to HARP, all mortgage insurers except United Guaranty, a subsidiary of TARP-recipient AIG, have agreed to voluntarily and automatically carryover existing coverage to the refinanced loan. Approximately 15 percent of all GSE loans with mortgage insurance receive their coverage from United Guaranty and are effectively excluded from refinancing. This bill would level the playing field by requiring mortgage insurers who refuse to transfer coverage to refinanced loans to pay a fine that will be applied to the borrower's primary loan balance.
• Bill Pays for Itself
According to preliminary estimates by the CBO, the bill pays for itself through reduced default rates on GSE loans, which saves taxpayers money and reduces the amount of any bailouts. It does NOT increase guarantee fees.

###