When Trump moves to slash mortgage interest rates, Democrats are ready to step up

Democrats are set to introduce legislation to ease mortgage interest relief for many Americans.

The House and Senate are expected to vote on the measure Wednesday.

The legislation would allow borrowers with less than 50 percent of the federal poverty level to pay off their mortgages at a faster rate than before the housing crisis, with an additional benefit to homeowners in higher-cost areas.

The bill would allow people with incomes up to $125,000 a year to refinance at a much lower rate.

The White House has already said it would be willing to work with Democrats on the issue.

The measure would apply only to new mortgages, but the Trump administration has signaled it will consider loosening the rules as well.

The move comes as Trump is considering making his first major moves to overhaul the nation’s housing markets since the crisis.

The president is expected to unveil a set of housing-related tax cuts later this week.

The GOP-led Congress passed a plan earlier this month to help homeowners struggling with rising mortgage rates, but it has not gone into effect.

The administration has already begun rolling out new mortgage relief measures, and the White House says that is where most of the new relief comes from.

The Associated Press contributed to this report.

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