Summary
A plan by President Obama to provide relief to some homeowners underwater on their mortgages is welcome but, all the same, too late for many out there who could have used the help a long time ago.
The plan -- which is an executive rule and doesn't need congressional approval -- would allow homeowners who owe more than their homes are worth to refinance existing mortgages to lower interest rates and cheaper monthly payments.See the full content of this document
Extract
Problem
Indeed, welcome news to the million or so homeowners who qualify, but it does nothing to help the 3.5 million borrowers...
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