Helping Responsible Homeowners Act

Senator Barbara Boxer of California has introduced the Helping Responsible Homeowners Act (“HRHA”) in the U.S. Senate. The HRHA would essentially order the government backed entities Fannie Mae and Freddie Mac to waive fees and remove other barriers for mortgage borrowers from refinancing their mortgages to a lower rate.

The HRHA, however, is geared at those mortgage borrowers who are current in their mortgage payments. Nevertheless, the HRHA is projected to potentially help several million mortgage borrowers in the U.S.