July 1, 2009 - By Renae Merle - Washington Post Staff Writer
The Obama administration announced today an expansion of a key part of its foreclosure prevention program to allow more homeowners who owe more than their home is worth to refinance into lower-cost mortgages.
The effort is an acknowledgment by the administration that falling home prices limited the impact of its housing program, Making Home Affordable. Under the program, homeowners could refinance if their mortgage did not exceed the value of their home by more than 105 percent. Now, the administration is expanding the program to homeowners who are up to 125 percent underwater on their loan. more ...
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