President Obama is sending Congress a plan that would give homeowners a chance to save money on their mortgage by refinancing at low interest rates, and doing so by placing a fee on financial institutions:
That’s why I’m sending this Congress a plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low interest rates.
No more red tape. No more runaround from the banks. A small fee on the largest financial institutions will ensure that it won’t add to the deficit, and will give banks that were rescued by taxpayers a chance to repay a deficit of trust.
