Lifeline for Underwater Homes

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From Reuters:

The Federal Housing Finance Agency said it was scrapping a cap that prohibited borrowers whose mortgages exceeded 125 percent of their property’s value from refinancing loans backed by Fannie Mae and Freddie Mac under the government’s Home Affordable Refinance Program (HARP).

It also took steps to coax homeowners into shorter-term loans and encourage more banks to participate in the program.

The Obama administration sees lowering mortgage payments as a way to free up cash for other spending that could help support the economy’s tepid recovery.

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  • We Can’t Wait.  I like it!  Much needed!  The administration has decided that they were going to forgo working with Congress and try to make changes where possible to help Americans.  This is one part of that plan. I dig it.  To see the foreign policy successes of the President and know that if he did not have Republican obstructionism with an assist from Democrats, how far we could go.