Government announces new program to help ‘underwater’ homeowners

by The 1 | October 24, 2011 at 08:34 am

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The federal government on Monday announced new rules that would allow many more struggling borrowers to refinance their mortgages at today’s ultra-low rates, reducing monthly payments for some homeowners and potentially providing a modest boost to the economy.

The Federal Housing Finance Agency, working with the Obama administration, said that up to 1 million “underwater” borrowers might benefit from an expanded program that targets homeowners who owe more than their properties are worth.

http://www.washingtonpost.com/business/economy/fhfa-announces-new-program-to-help-underwater-homeowners/2011/10/24/gIQAG1oUCM_story.html