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New mortgage plan proposes bank punishment by states

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Thu, Feb 02, 2012 at 12:05PM

Mortgage rates are at record lows this morning. Meanwhile, a settlement plan goes after banks who've engaged in mortgage abuses.

If you're a home owner, now would be a great time to refinance. Mortgage rates are at record lows this morning. The average on a 30-year fixed mortgage is about 3.8 percent. And for a 15-year mortgage, 3.1 percent.

That's something President Obama proposed yesterday, he wants a big expansion of a government program that backs homeowners who want to refinance. It would be paid for by fees on banks, an idea both Republicans and Democrats have opposed.

Meanwhile, there's an idea gaining traction that would give states like California broad authority to go after banks who've engaged in mortgage abuses.


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