President Obama did use the State of the Union to outline his administration's proposal to provide homeowners with privately held mortgages not backed by Fannie Mae or Freddie Mac to have the opportunity to refinance at record low rates for borrowers with good credit but underwater on their mortgage loan. President Obama spent Wednesday detailing the proposed mortgage relief program at the James Lee Community Center in Falls Church, VA. The entire fact sheet on the proposed mortgage relief program can be found at the FACT SHEET: President Obama’s Plan to Help Responsible Homeowners and Heal the Housing Market. The controversy is concerning on the paying for the mortgage relief by taxing banks up to 10 billion in “Financial Crisis Responsibility Fees” to help millions of homeowners refinance into cheaper mortgages. The republicans would be the first to object in an election year, but the American Bankers Association(ABA) has issued a statement with concern's over the proposed … [Read more...]