Released: July 04, 2009

Foreclosure help will reach more homeowners

Source: Staphanie Armour, USA Today (Free Registration)

The government will allow more distressed borrowers who owe more than their homes are worth to be eligible for refinancing assistance under an Obama administration housing rescue program.

Currently, homeowners who owe 5% more than their homes are worth can refinance mortgages through Fannie Mae and Freddie Mac, part of a two-pronged approach to reduce the rapid-fire pace of foreclosures.

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