Bill would require GSEs to allow refinancing of underwater homes

07/13/2011 | Bloomberg

Sens. Barbara Boxer, D-Calif., and Johnny Isakson, R-Ga., are supporting legislation that would require Fannie Mae and Freddie Mac to allow homeowners whose properties are worth less than their current mortgage to refinance. The bill has the support of Bill Gross of the Pacific Investment Management Co., Boxer said. "It's really looking at how we can help those homeowners who have been so solid in the mortgage payments every month, regardless of how the value of their housing is going down," Boxer added.

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