Home owners are struggling to refinance due to the existence of 1st and 2nd loan. The 2nd loan is also at higher rate. If the government or FEDs refinance the 2nd loan at lowest interest, the home owner can easily go for refinancing the first loan at lowest interest provided by the market.
The petition seek that the 1st loan should be made available without mortgage insurance and 80% Loan to home value. Because the mortgage insurance is a very big portion of the monthly payment which can be guaranteed by federal government at free of cost.
This petition will help so many home owners who are good in paying but locked in to high interest products.