WASHINGTON (MarketWatch) – The Obama administration will be provide in the next
few weeks some details about a series of proposals to help “a meaningful” number
of homeowners participate in a government program that provides refinancing to
current low interest rates for so called “underwater” borrowers who owe more
than their homes are worth, Treasury Secretary Timothy Geithner said Thursday.
He added that Federal Housing Finance Agency director Ed DeMarco is examining a
set of proposals that would make it much easier for people to refinance at lower
rates, including people who have loans that are worth less than their
outstanding mortgage obligations. “[DeMarco is] going to be laying out some
clarity to the broader markets and to homeowners in the next few weeks. He’s
told us it is meaningful enough to make a difference,” Geithner said.
Originally posted at MarketWatch.com
