Will Obama's latest mortgage refinance plan help you?
On Monday, President Obama announced new measures to help borrowers refinance their existing mortgages to new loans with lower interest rates and cheaper monthly payments.
The plan is an expansion of an existing program to help borrowers who are not behind on their payments but cannot refinance because they do not have enough equity in their home. Or they might be underwater--which means they owe more than their home is worth.
Dean Baker of the Center for Economic and Policy Research sits down with CBSNews.com deputy politics editor Corbett B. Daly to discuss the ins and outs of President Obama's latest attempt to help struggling homeowners get a lower payment on their mortgage. Will it help?
As they mention in the video here, this expansion of the existing program only applies to Freddie Mac and Fannie Mac government backed loans.
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