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Archive for November, 2011

Proposed Pension Payroll Tax Hike Information (PDF)

Oct. 28, 2011

Obama’s Mortgage Refinance Plan Benefits Federal Employees: Calling the housing bubble “the single greatest cause of the financial crisis and this brutal recession,” President Barack Obama this week announced his plan to make it easier for homeowners who owe more than their houses are worth to refinance their mortgages. He traveled to Las Vegas, Nevada, the state hardest hit by the housing crisis to announce the plan, which will save homeowners thousands of dollars a year in mortgage payments. The plan would modify the existing Home Affordable Refinance Program (HARP) to help responsible borrowers refinance at today’s low interest rates, which hover around 4 percent for a 30-year fixed-rate loan. Currently, there are 11 million Americans whose homes are worth less than they owe.

“I’m here to say that we can’t wait for an increasingly dysfunctional Congress to do its job. Where they won’t act, I will,” Obama told the crowd gathered outside the house of Jose and Lissette Bonilla in Las Vegas. “There are still millions of Americans who have worked hard and acted responsibly, paying their mortgage payments on time. But now that their homes are worth less than they owe on their mortgage, they can’t get refinancing.”

Homeowners who meet these requirements are eligible for the program:

Your mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae, the giant government-sponsored mortgage firms. To find out if your mortgage is owned by Freddie Mac or Fannie Mae, ask your lender or click here for Freddie Mac and here for Fannie Mae.
Your mortgage must have been delivered to Fannie Mae or Freddie Mac before June 2009.
You have not already refinanced under HARP.
You must be current on the mortgage with no late payment in the past six months and no more than one late payment in the past 12 months.
Freddie Mac or Fannie Mae will send operational instructions to banks by Nov. 15 and some banks could begin taking applications under the new program by Dec. 1. The HARP program will also be extended through 2013, beyond its current expiration date of June 2012.

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