Rep. Elijah Cummings, D., Md., ranking member of the House Oversight Committee, and other members of Congress are set to meet with GSE regulator Ed DeMarco Thursday afternoon to discuss President Obama's yet-to-be released refinancing plan.

According to an agenda of the meeting, the conversation will center on the president's “proposal to help responsible homeowners to refinance their mortgages at historically low rates.”

The plan, which the White House may unveil later this month, centers around aiding mortgage bankers in refinancing between $1 trillion to $2 trillion of Fannie Mae and Freddie Mac loans.

Because of weak home values some of these mortgages are considered under water and won't meet current GSE guidelines.

Lenders and borrowers alike have complained that GSE loan level price adjustments (LLPAs) and LTV caps promulgated by Fannie and Freddie are major stumbling blocks to refinancing many loans.

As the regulator and conservator of Fannie and Freddie DeMarco has the ability to pressure the GSEs to soften their underwriting guidelines. He has come under fire for not doing so.

After their meeting Rep. Cummings will talk to the press. It's unclear whether DeMarco will also face the media. At press time a FHFA spokeswoman said she had no information about the meeting or DeMarco's availability to reporters.

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