Congressman Jim Costa announced the Responsible Homeowner Refinancing Act.
If it becomes law, it would allow homeowners that pay on time to refinance at current low rates.
Congressman Costa said, "Homeowners who play by the rules deserve a chance to refinance at what we know today are historically low interest rates."
Dan Hawkins with the Fresno Association of Realtors said, "We need to stop the foreclosure process and have the homeowners stay in our home in order for the market to stabilize. The market's pretty much at the bottom but we don't need any more foreclosures."
Supporters claim the refinancing act could help about two million homeowners in California alone.
