Dear Editor:
It’s time to make it easier for millions of homeowners around the country to refinance their mortgages and save hundreds of dollars each month.
Cutting through the red tape will be good for families, good for communities, and good for the country at large. Interest rates are at historic lows, yet millions of homeowners have not taken advantage of these rates, either because it’s too expensive, or because banks and regulations make it hard or impossible. This month, Congress has a chance to pass real home mortgage relief.
A package of three bills has been introduced in the Senate. This solution would help 12 million homeowners save a total of $39.5 billion annually. This plan will be a big boost for the economy, and will help millions of families stay in their homes. Even if you personally don’t wish to refinance, this plan helps you.
Allowing those who are underwater to refinance makes their mortgage become affordable, keeps them in their homes and out of foreclosure, which helps everybody. A foreclosure sign going up pushes down the value of all of our homes, leading to more foreclosure and continues this brutal cycle.
Marty McGarry
Carson City
