We are desperately in need of new legislation to reduce mortgage interest rates. The HARP program is ineffective for millions of Americans who could benefit from a reduced interest rate on their existing mortgage loans.
Current regulations prevent homeowners who are current on their loans but without 20% equity on their homes from refinancing and taking advantage of record-low interest rates.
By reducing mortgage rates -- without fees for refinancing -- millions of dollars would funnel back into the economy as Americans would have money available in their budgets to spend.
The banks received their bail-out. It's time for ours!