Maybe if you did not have any money in the house, getting it zero down, and now get a lower payment you are happy regardless of the equity? Someone must pick up the lose and we learned that Freddie and Fannie are in reality the government. The taxpayer with money that is about 1/2 funded by borrowing from foreigners via fannie and freddie are trying to keep people in homes that are bad investments.
Tough to watch the daily political show.
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WASHINGTON (AP) -- The Obama administration is expanding a program to stave off foreclosure for borrowers who owe more than their homes are worth.
Housing secretary Shaun Donovan says borrowers who owe up 25 percent more than their home's market value will qualify for government help refinancing their mortgages. The program currently is limited to borrowers who owe 5 percent more than their homes are worth.
The change addresses concerns that the initial terms excluded too many so-called 'underwater' borrowers.
The program is part of a broader effort to help at-risk homeowners. Another key component pays incentives for mortgage companies to lower borrowers' payments.



