Democrats defeat the GOP Mortgage Rate Plan
The Republication plan designed to push mortgage interest rates lower went down in defeat at the hands of the Democrats 62-35 on Friday Feb. 6, 2009.
The plan would have encouraged lenders to reduce Mortgage Rates to 4.0-4.5%.
Fannie Mae and Freddie Mac would have bought these conforming loans on the secondary market.
New York Senator Charles Schumer said the plan was too expensive and that the lenders would benefit from the fees charged for the Refinance Mortgage Loans.
This will not be what the American people will want to hear as many people were holding out looking for the promised rates below 5% as they had been hearing in the media for some time now.
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