By Vicki Needham - 11/12/12 06:30 PM EST
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).
So, instead, the bill was slated to go straight to the Senate floor.