Refinance rates, a review of the topic

Obama launched the plan in Arizona, a state that has been significantly affected by home mortgage defaults and foreclosures. The $75 billion plan aims to curtail the increasing number of foreclosures and keep responsible homeowners on top of their home mortgage payments. Helping homeowners with home mortgage refinancing opportunities and encouraging lending institutions to adjust existing mortgages are two objectives already set forth. President Obama has repeatedly stated that the purpose of any plan would be to help responsible homeowners stay in their homes. Homeowners with mortgages insured by Fannie Mae and Freddie Mac will have an opportunity for refinancing.

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