Rep. Baca Sponsors Legislation to Create 50 Year Mortgage Refinancing Plan

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By California RealEstateRama -

Washington, DC – September 11, 2012 – (RealEstateRama) — Congressman Joe Baca (D-Rialto) introduced legislation that directs the Government Sponsored Housing Entities, Fannie Mae and Freddie Mac, to offer 50 year mortgage refinance terms to qualified homeowners. The Flexible Refinancing for American Families Act establishes a mortgage plan that would allow homeowners to receive immediate, short-term relief in the form of low monthly mortgage payments.

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