Mortgage refinancing bill on hold in Senate

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).

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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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