In order to further its efforts of improving the country's mortgage problem, the White House hopes to pass wider refinance legislation when Congress reconvenes in September.
A number of bills are on the table that President Barack Obama and his administration believe could potentially improve the problem.
Two of the proposed bills would provide changes to Fannie Mae and Freddie Mac. One would remove repurchase risk for new servicers refinancing mortgages, as well as remove any remaining appraisal requirements.
The second bill would allow the government sponsored enterprise's to cover closing costs if borrowers opt to shorten their term under the Home Affordable Refinance Program.
Another proposed piece of legislation would create a $6 billion fund to allow underwater borrowers refinance their Federal Housing Administration mortgages.
Despite implementing various programs to help aid the recovery of the housing market, the foreclosure crisis continues to be an issue nationwide.
