Sen. Brown says more refinancing help needed

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Sen. Brown says more refinancing help needed

Marietta Times – Ohio Sen. Sherrod Brown wrote President Barack Obama’s administration in February of last year, pointing out the need for improvements that would help American homeowners refinance rather than face foreclosure.

Although Obama announced some changes to the U.S. Department of Treasury’s Home Affordable Modification Program (HAMP) just days ago, Brown said he doesn’t think they’re enough.

“Improving access to refinancing puts more money in the pockets of homeowners, and that’s a positive step for our economy,” Brown said. “But we need to do more to help borrowers who are behind on their payments, are stuck in non-traditional mortgages, or owe more on their mortgages than their home is worth. Without bolder steps, we’re not going to solve the foreclosure crisis that is holding back our economic recovery.”

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