White House weighs mass refinancing plan

WASHINGTON – Aug. 26, 2011 – The White House is considering a housing proposal that would allow millions of homeowners with government-backed mortgages to refinance into lower interest rates, The New York Times reports.
 
“A wave of refinancing could be a strong stimulus to the economy, because it would lower consumers’ mortgage bills right away and allow them to spend elsewhere,” an article in The New York Times notes.
 
Many homeowners have been unable to take advantage of today’s low interest rates — which are averaging around 4 percent — because they don’t qualify for refinancing at the best rates since they owe more on their home than it is currently worth or because of poor credit. The refinancing plan is still under discussion of how it would work, The New York Times said.
 
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