Yesterday, Sens. Menendez and Boxer kicked off the September season by reintroducing a revised version of their refi legislation.  As drafted, the bill isn’t particularly ornery from a GOP perspective.  But, drafting has nothing to do with the gun-slinging now well under way on issues as political as foreclosure prevention.  Taking some of the industry firepower out of the bill, FHFA promptly announced new relief on put-back risk – the gimme for mortgage bankers included in the legislation.

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