Obama wants a refinancing bill done by year’s end

He renewed his call for a broader-based refinancing plan in Phoenix on Tuesday, arguing that lower interest rates could save some homeowners upward of $3,000 a year. 

The White House wants to expand refinancing to those who have loans that are not backed by the government by creating special programs through the Federal Housing Administration (FHA) or Fannie Mae and Freddie Mac.

The president also wants to streamline refinancing for borrowers with government-insured mortgages and waive closing costs for borrowers who refinance into shorter-term loans to rebuild equity.

The government’s refinancing program (HARP) has made changes to expand its reach and, so far, has helped 2.6 million borrowers, according to the White House. 

The president ramped up his call this week for his administration and Congress to move forward on a slew of housing policies from gradually reducing the role of the government in mortgage finance, revitalizing neighborhoods hit hard by the foreclosure crisis and providing greater and affordable rental choices.