A sharply divided Congress is not likely to jump at President Barack Obama's challenge to quickly pass a mortgage refinancing bill that supporters say could help millions of homeowners save big each year and boost the economy, the Associated Press reported yesterday. Obama praised the legislation in his State of the Union speech last week, saying that the proposal would help more homeowners with mortgages backed by Fannie Mae and Freddie Mac take advantage of low interest rates and refinance their loans. Even with mortgage rates near a 50-year low, Obama said, too many families that have never missed a payment and want to refinance are being turned down. While the bill could gain traction in the Democratic-controlled Senate, it faces a rough road in the GOP-run House, where many Republicans favor scaling back the government's role in the housing market as a way of aiding the economy. Similar versions of the measure died in the House and Senate's lame duck sessions last year.
