Obama Pledges to Refinance Millions of Mortgages at Today’s Rates

9 09 2011

09/08/2011BY: CARRIE BAY

Housing got only a brief mention in President Obama’s highly anticipated jobs speech Thursday night. But it was a pledge that some pundits say is finally a step in the right direction. Others say it’s likely to have little impact.

Obama told Congress that his administration is going to work with federal agencies to refinance millions of homeowners’ mortgages at today’s record-low rates.

With those rates now near 4 percent, the president says the move could “put more than $2,000 a year in a family’s pocket, and give a lift to an economy still burdened by the drop in housing prices.”

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