The plan only applies to homeowners with GSE owned mortgages that are CURRENT on their loans.
Contrary to what has been thrown around that everyone already refinanced. As of June, MORE THAN 75% of GSE borrowers with a 30-year fixed-rate mortgage had an interest rate of 5% OR MORE.
The plan could help up to 37 million borrowers that fall under these criteria.
The plan could free up to $70 billion per year for repayment of household debt and new spending.
Think that could stimulate our economy and create a few jobs?
