Democrats Try Again to Spur Refinancing to Bolster U.S. Housing
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Underwater homeowners may get additional federal assistance for refinancing government-backed loans under a proposal being revived in the U.S. Senate.
Democratic Senators Robert Menendez of New Jersey and Barbara Boxer of California plan to introduce as soon as this week a bill that would expand the existing Home Affordable Refinancing Program by promising lenders they won’t be forced to absorb the loss on refinanced loans that default, according to a person with knowledge of the matter. The person asked not to be identified because the timing is not final.