header image

[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather


 
Calendar
Today in
S.C.V. History
March 28
1934 - Bouquet Canyon Reservoir, replacement for ill-fated St. Francis Dam & reservoir, begins to fill with water [story]
Bouquet Reservoir


U.S. Senators Robert Menendez (D-NJ) and Barbara Boxer (D-CA) will introduce legislation this week to help millions of responsible, struggling homeowners refinance at lower rates and save thousands of dollars each year.

The measure would help check off a main element of President Obama’s “to do list” for Congress. Earlier today, Obama called on lawmakers to act on a number of measures to create jobs and restore security for middle class families, including housing refinance legislation.

“I agree with President Obama’s ‘to do’ list to create jobs and strengthen our middle class,” said Menendez.  “That’s why I am introducing legislation this week to knock down barriers and help responsible homeowners refinance at lower rates.  It will put thousands of dollars back in the pockets of hard working families and boost our economy.  I look forward to moving this bill to our ‘done’ list quickly.”

“We know that helping responsible homeowners refinance is a win-win – for our families and for the economy – and the legislation we will introduce this week will help families save money by refinancing at today’s record low rates,” Boxer said. “By introducing more competition into the mortgage market, our bill will ensure that the benefits of refinancing will flow to homeowners struggling to make ends meet, not to banks.”

This morning, at a Senate Banking Committee hearing featuring HUD Secretary Shaun Donovan, Menendez discussed the forthcoming legislation, the Responsible Homeowner Refinancing Act of 2012. To remove the barriers preventing Fannie Mae and Freddie Mac borrowers who are making their payments from refinancing their loans, the Menendez-Boxer bill would:

·         Extend streamlined refinancing for Fannie and Freddie borrowers

·         Eliminate up-front fees completely on refinances

·         Eliminate appraisal costs for all borrowers

·         Remove additional barriers to competition

·         Require second lien holders who unreasonably block a refinance to pay restitution to taxpayers

·         Require mortgage insurers who unreasonably fail to transfer coverage to refinanced loans to pay restitution to taxpayers

·         Pay for itself since reducing homeowners’ mortgage payments also reduces default rates and foreclosures, reducing Fannie and Freddie’s reliance on taxpayer bailouts.

During the hearing, HUD Secretary Donovan underscored that the bill would provide significant cost-savings to homeowners.

At a speech today outlining his “to do list” for Congress, Obama said  “Congress needs to help the millions of Americans who have worked hard, made their mortgage payments on time, but still have been unable to refinance their mortgages with these historically low rates. This would make a huge difference for the economy.

“Families could save thousands of dollars and that means they’ve got more money in their pocket which means they can either build their equity back up on their homes or they go out and use that money to do things like helping their kids to finance a college education. So Congress should give those responsible homeowners a chance to refinance at a lower rate. We estimate they would save at least $3,000 a year. So that’s on our to-do-list. It’s not complicated.”

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


SCV NewsBreak
LOCAL NEWS HEADLINES
Wednesday, Mar 27, 2024
California Launches New Youth Suicide Prevention Campaign
The California Department of Public Health launched the “Never a Bother” campaign, a youth suicide prevention public awareness and outreach campaign for youth, young adults, and their parents, caregivers, and allies.
Wednesday, Mar 27, 2024
April 20: Santa Clarita Master Chorale’s Cabaret, Cabernet Fundraiser
The Santa Clarita Master Chorale invites the community to "Let the Sunshine In," a delightful evening of food, wine and song at the annual Cabaret & Cabernet fundraising benefit.
Wednesday, Mar 27, 2024
Schiavo Introduces Bill to Prohibit ‘Derogatory’ School Mascot Names
California State Assemblywoman Pilar Schiavo (D-Chatsworth) and Assemblyman James Ramos (D-Highland) have introduced AB 3074 the "School or athletic team names: California Racial Mascots Act."
Keep Up With Our Facebook

Latest Additions to SCVNews.com
1934 - Bouquet Canyon Reservoir, replacement for ill-fated St. Francis Dam & reservoir, begins to fill with water [story]
Bouquet Reservoir
The California Department of Public Health launched the “Never a Bother” campaign, a youth suicide prevention public awareness and outreach campaign for youth, young adults, and their parents, caregivers, and allies.
California Launches New Youth Suicide Prevention Campaign
The Santa Clarita Master Chorale invites the community to "Let the Sunshine In," a delightful evening of food, wine and song at the annual Cabaret & Cabernet fundraising benefit.
April 20: Santa Clarita Master Chorale’s Cabaret, Cabernet Fundraiser
The Los Angeles County Department of Public Health cautions residents who are planning to visit the below Los Angeles County beaches to avoid swimming, surfing, and playing in ocean waters:
March 27 Ocean Water Warning
As an integral ingredient necessary to help the Santa Clarita Valley to flourish, feedback from the business community is the secret sauce for achieving great things.
SCVEDEC Asks For the Business Community’s Opinion on Santa Clarita
Raise your heart rate while raising funds for the Santa Clarita Sister Cities Dollars-for-Desks campaign to provide school desks for students in Sariaya, Santa Clarita's Sister City in the Philippines.
April 13: Sister Cities Zumba-thon Fundraiser
Remo, Inc. is is the world's leading manufacturer and developer of synthetic drumheads and shells. They’ve been in business for 60 years
SCVEDC Company Spotlight: Drumming Up Big Business with Remo, Inc.
California State Assemblywoman Pilar Schiavo (D-Chatsworth) and Assemblyman James Ramos (D-Highland) have introduced AB 3074 the "School or athletic team names: California Racial Mascots Act."
Schiavo Introduces Bill to Prohibit ‘Derogatory’ School Mascot Names
Los Angeles County’s Justice, Care and Opportunities Department  in collaboration with Local Initiatives Support Corporation Los Angeles is proud to announce the 2nd Annual Pitch Competition for the cohorts of JCOD's Incubation Academy.
March 28: JCOD Incubation Academy Helps Grassroots Non-Profits For the Second Year
Children’s Bureau is seeking foster families and now offers two virtual ways for individuals and/or couples to learn how to help children in foster care while reunifying with birth families or how to provide legal permanency by adoption.
April 18: Children’s Bureau Hosts Virtual Orientation
The Sunburst track was constructed in 1887 by the Southern Pacific Railroad and was a part of the main line running between San Francisco and Los Angeles.
Enjoy Spring With a Ride On The Sunburst Track
California State Superintendent of Public Instruction Tony Thurmond hosted a Personal Finance Summit today where he announced his support for Assembly Bill 2927 (McCarty), legislation that would require a personal finance education course for California high school graduation.
State Superintendent Announces Support for Personal Finance Graduation Requirement
1847 - Probable birth date of Pico Canyon oil driller Charles Alexander Mentry [story]
C.A. Mentry
The first Music Jam Session at The MAIN was held on Thursday, Feb. 22 and was a hit. Come out and join in for the next one on Thursday, March 28 7 p.m.-9 p.m.
March 28: The MAIN to Host Musicians’ Jam Session
Los Angeles County Inspector General Max Huntsman of the Office of Inspector General has issued a report entitled "Tenth Report Back on Implementing Body-Worn Cameras in Los Angeles County."
Office of Inspector General Issues Latest Report on LASD Body Cams
College of the Canyons women's tennis played to a convincing 7-2 conference win over Ventura College on Moica to strengthen its potential playoff resume.
Canyons Closes Out Ventura 7-2 in Final Home Match
Join the Santa Clarita Valley Chamber of Commerce with the Latino Business Alliance at the Cinco de Mayo Networking Celebration on Tuesday, May 7.
May 7: Latino Business Alliance Cinco de Mayo Celebration
The Los Angeles County Department of Animal Care and Control is hosting March Meowness promotion where all cat adoptions are just $15 from now until April 9.
Adopt a Cat During March Meowness at Castaic Animal Center
California State University, Northridge is partnering with the Fernandeño Tataviam Band of Mission Indians and the Tataviam Land Conservancy to battle the impact of climate change in disadvantaged communities throughout the San Fernando Valley by establishing “urban forests.”
CSUN Partners with Fernandeño Tataviam Band to Build Urban Forests
Join the Santa Clarita Artists Association on Monday, April 15, 6:30-8:30 p.m. at Barnes and Noble, 23630 Valencia Blvd., Valencia, CA 91355, for the SCAA monthly meeting and guest demonstrator.
April 15: SCAA Presents Debbie Abshear Watercolor Demo
Residents are invited to join members of the Santa Clarita City Council for a special ribbon-cutting ceremony to celebrate the addition of Santa Clarita's 38th park, Skyline Ranch Park, 18355 Skyline Ranch Road, Santa Clarita, CA 91351, to the Santa Clarita parks system on Saturday, April 6, at 10 a.m.
April 6: Grand Opening for Santa Clarita’s 38th Park
The Santa Clarita Valley Senior Center is preparing for the annual fundraising event, Celebrity Waiter, with the theme “California Dreamin’” on Saturday, April 27 at Bella Vida, 27180 Golden Valley Road, Santa Clarita, CA 91351.
Table Sponsorships Still Available for Celebrity Waiter Dinner
Springtime in Santa Clarita brings not only vibrant blooms and opportunities to embrace the outdoors with warmer weather, but also an array of free, family-friendly events and this Saturday is no exception.
Ken Striplin | A Fun, Festive, Egg-Filled Day
SCVNews.com