Obama announces more details on refinancing for underwater homeowners

The much-anticipated details of a sweeping plan to help nearly 15 million Americans  underwater on their mortgages refinance to lower rates were announced this morning by President Barack Obama during a speech in Falls Church, Virg.
The plan, first mentioned in one of the president’s speech last October, would be broadened to include not only homeowners with Fannie Mae and Freddie Mac mortgagesd, but also 3.5 million homeowners with privately-held home loans.
However, for the plan to apply to borrowers with privately held mortgages, Congresss would have to approve new legislation proposed by the president today.
Many metro Phoenix homeowners have already started to …

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