Homeowner Refinancing Would Kick-Start the Economy

Steven S. Fischman is the president and COO of Massachusetts-based New England Development, a nationally known retail development company. David M. Abromowitz is a Senior Fellow at the Center for American Progress.

The recent overwhelming passage of the JOBS Act proves that when the business community unites behind legislation, even a bitterly divided Congress can join hands and act.

So next up on the business agenda should be something less obviously a business issue but arguably more beneficial to the economy—pushing to unleash the spending power of millions of U.S. households by clearing away barriers to refinancing for homeowners current on their mortgage payments.

That’s the single biggest step Washington can take to kick-start anemic consumer spending and boost businesses’ bottom lines. With mortgage rates finally creeping up from historic lows the window of opportunity for such a sensible economic policy may be closing.

This article was originally published in U.S. News and World Report.