Obama expands program for underwater' borrowers

Jul 1st, 2009 - MiamiHerald

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WASHINGTON -- The Obama administration on Wednesday expanded efforts to help Americans struggling with distressed mortgages refinance at lower interest rates, even if they owe up to 25 percent more than their homes are now worth.

The administration expanded eligibility for the refinancing portion of its ambitious Making Home Affordable plan after statistics showed it wasn't reaching enough of the homeowners it was designed to help - those who are "underwater," owing more than their homes are worth.

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