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WASHINGTON — The Obama administration is trying to fix a stubborn drag on the economy by allowing millions of more homeowners to refinance their mortgages at lower interest rates even if they owe more than their homes are worth, tackling a difficult issue of vital concern in states key to President Barack Obama's re-election.
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President Barack Obama will announce a package of proposals to jolt the housing market out of its doldrums, including an effort to help more borrowers take advantage of historically low mortgage interest rates, an administration official said today.
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President Obama will appear at a Falls Church community center Wednesday to unveil a plan to ease the sluggish housing market by making it easier for homeowners to refinance their mortgages. Obama’s proposal would allow borrowers to refinance at federally insured lower rates even if they owe more than their homes are worth and could produce an average annual savings of $3,000 per homeowner, an …
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BofA temporarily halts refi cash outs, Charlotte Business Journal reports
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Obama is sending Congress legislation that would allow homeowners to tap record-low borrowing costs, potentially boosting the housing market
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