Promote low rate refinancing of positive equity mortgages for homeowners with credit damage from recession job loss

Millions of Americans have lost jobs and businesses and suffered credit damage from the recession. Many responsible Americans worked to pay down mortgages and maintain good credit right up until their savings were totally exhausted. After the arduous process of bankruptcy and near foreclosure these people have found new jobs and now struggle to reestablish credit. After working through the difficult process to save their homes from foreclosure, they find they can neither lower their interest rates nor tap the equity in their homes to do necessary maintenance and repairs. Fannie Mae and Freddie Mac should ensure that their standards support refinancing of positive equity mortgages for those with recession related credit problems.