Mortgage refinancing bill on hold in Senate

The Senate is postponing work on a mortgage refinancing bill that Democrats argue would help millions of homeowners and accelerate the economic recovery until after they return from the Thanksgiving holiday. 

The measure, which was expected to be one of the first votes to take place when the upper chamber returns from its recess, is getting pushed off while a sportsmen's bill sponsored by Sen. Jon Tester (D-Mont.) is completed this week. 

There is still the possibility that the mortgage bill, which has been touted by the Obama administration as an easy avenue to help struggling homeowners, could come up next month when Congress tilts its agenda toward averting a drop off the fiscal cliff. 

The measure is sponsored by Sens. Robert Menendez (N.J.) and Barbara Boxer (Calif.), who have said their bill would streamline refinancing for Fannie Mae and Freddie Mac borrowers, including those underwater on their loans but current on their payments. The legislation would eliminate appraisal costs and remove barriers to competition in the Home Affordable Refinance Program (HARP).

Senators attempted to reach an agreement to push the bill through the Senate Banking Committee but have squabbled over Republicans' intention to add language winding down government-controlled mortgage giants Fannie and Freddie. 

So, instead, the bill was slated to go straight to the Senate floor. 

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