Hope for Homeowners
huffingtonpost.com — Florida homeowner Jaime Gonzalez pays $1,493.53 towards his dream of home ownership every month, but at a massive interest rate of 7.5%. So why doesn't Jaime, and the millions of Americans who are in his position, refinance? Jaime's mortgage company refuses to let him, and regulatory barriers are stopping him from finding another bank to take advantage of today's rock bottom interest rates. Like most folks in Florida, their home is worth tens of thousands of dollars less than their original mortgage. That means selling isn't even an option. This month, Congress -- including Gonzalez's senators, Marco Rubio (R) and Bill Nelson (D) -- has a chance to help. A package of three proposals currently in the Senate would make it easier for underwater homeowners like Jaime to refinance.