With 33 percent of homeowners still underwater (meaning they owe more than their house is worth), a massive wave of refinancing would allow borrowers who are current on their mortgages to lower their mortgage rate. Cutting their payments by thousands of dollars a year would help them pay down debt and put money back into the economy. The good news is that the benefits far outweigh any small costs the programs would incur. A bill that would allow 12 million borrowers with GSE loans to refinance would provide $2,600 in annual savings to these households. Approximately $1.83 trillion in refinanced mortgages would lower American mortgage payments by $31 billion a year. The GSEs would even see between $11 to $18 billion in new revenues from upfront costs.
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