Obama mulls massive homeowner refinancing plan – Puget Sound Business Journal

Obama mulls massive homeowner refinancing plan – Puget Sound Business Journal.

President Barack Obama is considering a plan that would allow millions of U.S. homeowners with government-backed mortgages to refinance their loans at today’s historically low mortgage rates.

The New York Times reports the plan would allow homeowners who can’t refinance right now — either because they owe more money on their house than it’s worth or because they have bad credit — to take advantage of current interest rates of around 4 percent.

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