For some time, mortgage interest rates have been at all-time lows. However, many American homeowners have been unable to take advantage of this “once in a lifetime” opportunity to refinance their mortgage. Tighter loan requirements, lower home values, and a slow housing market have all conspired with reluctant lenders to cause widespread frustration, if not panic, among some home-owners. Critics claim banks are resisting the requests of many borrowers who need to replace their older high-interest loans with new less costly ones. Most believe that if banks had immediately passed on to homeowners the ultra-low interest rates they were receiving from the Fed, the Great Recession would not have been nearly so great - and many more families would still have homes. Advocates say that instead of passing this windfall along to those who were loosing their homes and those struggling with high-interest rates, banks used it on themselves and to make investments, including purchasing foreclosed homes. Advocates claim our middle class is in a fight for its life, and the causalities among homeowners have been high. They say homeowners need better access to refinancing and more protection from unethical foreclosures.

Pending Legislation:
H.R.101 - Home Foreclosure Reduction Act of 2015

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Poll Opening Date
May 21, 2020
Poll Closing Date
May 27, 2020

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