The new administration knows very well that the latest financial and job situation makes many home refinancing difficult.
Falling home prices and increasing foreclosures are cutting neighborhood home values by as much as 15%. Because property and home values have dropped so much, many homeowners now owe more on their mortgages than their home is actually worth.
But rest assured, President Barack Obama knows that a stimulus plan is needed so that banks can make home refinancing loans available.
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