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Obama proposes new home loan refinancing plan

Posted on 02 February 2012

President Barack ObamaThe Obama administration on Wednesday detailed its latest plan to help millions of homeowners refinance their mortgages to today’s historically-low rates. The plan, which requires approval by Congress, would allow borrowers who are current on their mortgage to save an average of $3,000 a year by refinancing into loans backed by the Federal Housing Administration, according to the U.S. Department of Housing and Urban Development.
The plan is estimated to cost between $5 billion and $10 billion. To pay for it, President Obama said he does not plan to add to the deficit………………………………………..Full Article: Source


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