WASHINGTON (AP) - President Barack Obama is proposing a program to allow homeowners with privately held mortgages to refinance at lower interest rates.
The program would cover both loans issued by government-controlled mortgage giants Fannie Mae and Freddie Mac and private mortgage lenders. Congress would have to approve, which would be a difficult hurdle.
Under the plan, any homeowner current on his or her mortgage could take advantage of lending rates now at 4 percent or below. Administration officials offered few details, but estimated savings at $3,000 a year for average borrowers.
Obama announced the plan, his latest of several housing initiatives, in his State of the Union speech.
First Coast News