Too many American homeowners today find themselves paying unnecessarily high mortgages every month. In fact, since the recession first hit more than 5 years ago, many homeowners find themselves “underwater”; in other words, the present day appraised values of their homes is less than what they owe on their mortgages. The latest estimates are that 16 million homes across the country, occupied by about 40 million people, currently find themselves “underwater.” Furthermore, the average rate for a 30-year mortgage is currently about 3.8%. Among homeowners with a 30-year fixed-rate mortgage guaranteed by Fannie Mae and Freddie Mac, nearly 70% have an interest rate of 5% or higher.
Sadly, there are a number of obstacles facing Americans who wish to refinance, including unnecessary paperwork, high fees and restrictive requirements. This results in a needless drain on family income and a continuing drag on the housing market. By eliminating these barriers, Congress would be taking an important first step toward making refinances more accessible and helping families stay in their homes.
To find out what the NAACP supports in an effort to help homeowners refinance, and to see how you can have an impact, please review the attached Action Alert.
Thank you,
Hilary
Hilary O. Shelton
Director, NAACP Washington Bureau &
Senior VP for Policy and Advocacy
(202) 463-2940
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Wells Fargo got our People involved with sub prime mortgages from the get go. Google Wells Fargo and Rev Edward Pinkney Benton Harbor NAACP president