Potential Game Changing Refi Program

Word has been spreading of a potential $1 trillion mortgage refinancing program geared to help boost the economy to be enacted by President Obama. Speculation of this program going underway has gained much notice by the stock market with bank stock losses turning around this afternoon. Jim Pethokoukis, a columnist at the American Enterprise Institute, released an article stating that this program is modeled from two economists from Columbia University, Glenn Hubbard and Christopher Mayer. The details of the program are said to be that all Fannie and Freddie mortgages that are current on their payments can be refinanced at 4.2 percent or less with no appraisal or income verification. This information is still speculation and not confirmed to be occurring.