WASHINGTON, D.C. - On Thursday, Sept. 15, 2011, officials from the Federal Housing Finance Agency (FHFA) will meet with Members of Congress to discuss a plan to allow more American families to refinance their mortgages at historically low rates. The meeting comes after repeated requests from House Oversight Committee Ranking Member Elijah E. Cummings and Housing Stabilization Task Force Co-Chair Dennis Cardoza to meet with FHFA officials to discuss the details of implementing President Obama’s proposal.
The mortgage refinancing proposal is a critical component of President Obama’s jobs proposal, which will help boost the economy by stabilizing the housing market. As recently noted by economist Mark Zandi, “housing is ground zero for the economy’s problems, high unemployment and lost jobs." According to Bill Gross, the Managing Director and co-CIO of the world’s largest bond fund, PIMCO, removing barriers to refinancing under this type of proposal could provide an economic stimulus of up to $50 or $60 billion.
There are currently more than 8 million homeowners whose mortgages are guaranteed by Fannie Mae and Freddie Mac and that carry an interest rate at or above 6%, even though current 30-year mortgage rates are hovering at about 4.12%.
Closed Meeting
WHAT: Meeting with Representatives Elijah E. Cummings, Dennis Cardoza, and other Members of Congress, and FHFA officials
WHEN: Thursday, September 15 at 12:30 p.m. *CLOSED PRESS*
WHERE: 402 Cannon House Office Building
Press Availability
WHEN: 1:35 p.m. - 1:50 p.m.
WHERE: 402 Cannon House Office Building
DIAL- IN: Phone Number: (712) 775-7400
Passcode: 698340#
