Housing
Where Homeowners Are Underwater
Obama has a new plan to help owners refinance their mortgages, but some places will benefit more than others
Yesterday, the Obama administration announced a new program to attack a problem that many experts believe is holding back broader economic recovery - the stalled U.S. housing market.
The Home Affordable Refinance Program (HARP) is actually an existing program under which nearly 900,000 borrowers have refinanced their mortgages in the past two years. The changes announced Monday would extend refinancing assistance to homeowners who owe at least 25 percent more on their mortgage than their home is currently worth.