President Obama used the State of the Union address to renew a call for Congress to pass legislation that would permit some "responsible" homeowners a chance to refinance at current low rates, savings that could add up to $3,000 a year per family, he said.
"Right now, there's a bill in this Congress that would give every responsible homeowner in America the chance to save $3,000 a year by refinancing at today's rates," Obama said. "Democrats and Republicans have supported it before. What are we waiting for? Take a vote, and send me that bill."
An additional 8 million borrowers would qualify for the federal government's Home Affordable Refinance Program, or HARP, under the proposed legislation. Most significantly, the bill would allow underwater homeowners, those who owe more than their home is worth, to participate.
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