A new analysis from the Washington Post finds that, despite the contentious atmosphere in the nation's capital, some provisions of President Barack Obama's new mortgage refinancing plan - including one that could affect VA home loans - may go into effect sooner than later.

Many of the provisions in Obama's refinancing plan require Congressional approval, something the president is unlikely to receive from a Republican-controlled House of Representatives during an election year. But some parts of the plan can be carried out by the executive branch, according to the Post. The White House has directed all executive agencies that help finance mortgages - including cabinet level departments, such as Veterans Affairs or the Department of Agriculture -  to get ready to streamline mortgage refinancing efforts.

Proposals such as the one to help homeowners who hold mortgages not backed by Fannie Mae or Freddie Mac to refinance with current low interest rates are likely doomed to defeat in the opposition congress, according to the Post.

More than 1.5 million veterans currently have home loans backed by VA. Foreclosure rates among VA home loans are lower than for any other type of mortgage, according to recent information from VA.

 

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