Menendez Invites Feedback on Mortgage Reform Bill

U.S. Senator Robert Menendez (D-NJ) is inviting public comment on his mortgage refinancing bill for federal borrowers before it goes to the floor for debate next Thursday.

Menendez claims that his legislation would help homeowners whose loans are at 5 percent interest or higher to refinance at lower market rates. He says his proposal will reduce default and foreclosure rates, thereby also saving bailout money.

Through his website, Menendez invites New Jerseyans to offer testimonials on anyone who could be helped by his proposal.

According to TheHill.com, the legislation "is attracting industry support and several Republicans have signaled they may support the bill with some tweaks."

Do you think the bill is a good idea? Do you know anyone who could use help refinancing? Tell us in the comments.