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Helping Homeowners Tread Water: Meeting yesterday with distressed homeowners in Las Vegas-the ‘foreclosure capital of the nation’-President Obama unveiled a plan to allow homeowners who owe more than their properties are worth to refinance mortgages at today’s low rates, which are hovering near 4 percent. If you think this has shades of 2009 all over it-well, you’re right: The new plan is a revised version of the previous Home Affordable Refinance Program-which didn’t have as much effect as the administration would …
Experts have noted the potential for homeowners to intentionally stop paying their mortgages to qualify for government assistance.
A recent study by AARP Public Policy Institute shows that Americans over 50 have been affected by the financial trouble facing the country.