(Left to right) HUD SE Regional Administrator Jennings, City of Atlanta Commissioner James Shelby and City of Atlanta Deputy Commissioner Department of Planning and Community Development

Recently the City of Atlanta, the U.S. Department of Housing and Urban Development (HUD) and the Department of Planning and Community Development hosted the Atlanta Housing Refinancing Roundtable at City Hall. The primary goals of the roundtable were to identify impediments and provide solutions to the White House Officials concerning homeownership preservation and also to learn more about the pending legislation related to helping all qualified underwater homeowners.

"As federal lawmakers consider expanding refinancing options to help homeowners avoid foreclosure, we have an opportunity to let Washington know what's working for City of Atlanta residents," said Mayor Kasim Reed. "Right now, many homeowners in Atlanta remain behind on their loans. Hosting this housing refinancing roundtable meeting with White House officials is a step in the right direction towards helping borrowers save their homes under new federally mandated options."

"The City of Atlanta under the strong leadership of Mayor Reed is to be commended for hosting this Refinance Roundtable," said White House senior representative and HUD Southeast Regional Administrator Ed Jennings Jr," By looking closely at what is available to homeowners to address homeownership preservation and what impediments need to removed helps the Administration better level the playing field.

More than a dozen local area community leaders and housing professionals participated in the refinance roundtable meeting to share success stories, impediments and offer solutions to send to the Obama Administration. In 2009, the Administration launched the Home Affordable Refinance Program. According to White House officials, nearly one million homeowners were able to refinance and save thousands of dollars under the program.

Last year, the Obama Administration unveiled several refinancing options to help homeowners take advantage of historically low interest rates. Proposed federal mandates aimed at speeding the mortgage refinance process, removing barriers and rebuilding equity included the:

• Responsible Homeowner Refinancing Act (S. 3085)
• Expanding Refinancing Opportunities Act (S. 3047)
• Rebuilding Equity Act (S. 2909)

"Any federal mandate that can simplify and shorten the mortgage refinance process is good news for responsible homeowners facing foreclosure at no fault of their own," said Commissioner James Shelby, Department of Planning and Community Development. "If the Senate decides to act on President Obama's refinancing proposal we believe that it will have a very positive impact on the housing market."

Housing refinance roundtable meetings are being hosted throughout the Southeast and nationwide hosted by city and or community leaders to address  the issues facing homeownership preservation and to better understand the significance of the proposed legislative changes aimed at providing equal access to historical low interest rates for all qualified homeowners.