Washington, Aug. 3 -- Representative Tom Kean, Jr. issued the following press release:
Today, Congressman Tom Kean, Jr. (NJ-07) introduced the Making Ownership Viable for Everyone (MOVE) Act, legislation that would make portable mortgages accessible, allowing homeowners to transfer their existing mortgage rate, term, and balance to a new property. The MOVE Act will require Fannie Mae and Freddie Mac, entities that buy mortgages from lenders, to begin purchasing portable mortgages. Making portable mortgages accessible will encourage families to sell their home that is no longer a fit for them, while simultaneously adding more homes to the market to address the housing crisis.
"Homeownership is one of the most important ways New Jersey fam...