President Obama's State of the Union address included a section on refinancing initiatives that will strike a chord with mortgage investors, a Barclays Capital report said.
In the State of the Union address on Tuesday evening, the president pledged to send Congress "a plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low interest rates. No more red tape. No more runaround from the banks. A small fee on the largest financial institutions will ensure that it won't add to the deficit, and will give banks that were rescued by taxpayers a chance to repay a deficit of trust."