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Bills

Congressional Legislation Details

Title as Introduced:

Menendez-Boxer Responsible Homeowner Refinancing Act

Bill Number:

S.3085

Description:

Attempts to streamline and reduce the cost of refinancing a mortgage for loans backed by Fannie Mae and Freddie Mac, the government sponsored enterprises.

Bill Sponsor

Co-Sponsors:

Our Position:

We oppose this bill.
Dear Senators,

On behalf of more than two million Americans for Prosperity activists in all 50 states, I write in strong opposition to the recently-introduced Responsible Homeowner Refinancing Act, S.3085. The bill promises help for homeowners, but will instead deliver harmful consequences for the nation’s housing markets that leave homeowners worse off in the long run.

Introduced by Senators Robert Menendez (D-NJ) and Barbara Boxer (D-CA), S.3085 makes further tweaks to the Home Affordable Refinance Program (HARP) on top of the changes already implemented in March. The idea is to streamline the refinancing process and eliminate fees and legal barriers to make it easier for homeowner’s to refinance at today’s low mortgage rates. The bill’s supporters claim that it will help up to 3 million homeowners save an average of nearly $3000 per year on their mortgage, all at no cost to U.S. taxpayers.

If something sounds too good to be true, it usually is, and that’s certainly the case here.

Click here to read AFP's full letter of opposition to this bill!

Status:

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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