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Article updated: 2/18/2013 8:31 AM

Mortgage bill faces tough road in Congress

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President Barack Obama sang the praises in his State of the Union speech of a bill to help more homeowners with mortgages backed by Fannie Mae and Freddie Mac take advantage of low interest rates and refinance their mortgages. But while the bill could gain traction in the Democratic-controlled Senate, it faces a rough road in the GOP-run House.

Associated Press

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A sharply divided Congress isn't likely to jump at President Barack Obama's challenge for quick passage of a mortgage refinancing bill that supporters say could help millions of homeowners save big each year and boost the economy.Obama praised the legislation in his State of the Union speech last week, saying the proposal would help more homeowners with mortgages backed by Fannie Mae and Freddie Mac take advantage of low interest rates and refinance their loans. Even with mortgage rates near a 50-year low, Obama said, too many families that have never missed a payment and want to refinance are being turned down.
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