Obama to provide Housing Refinance Plan details

The Obama administration is trying to fix a stubborn drag on the economy by allowing all 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.

Obama on Wednesday was to draw attention to a proposal he outlined in his State of the Union address to allow homeowners with privately held mortgages to take advantage of record low rates, for an annual savings of about US$3,000 for the average borrower. Obama was detailing his plan during a visit to a northern Virginia community center.

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