More help needed on mortgages
A foreclosed home is shown in Mountain View, Calif. (May 28, 2009) Credit: AP
28 million
That's the number of mortgages a percentage point or more above the going rate, and so theoretically worth refinancing -- if only all those homeowners had jobs, equity in their houses, and money for fees. Fully 8 million of those homeowners owe more than their homes are worth. The Obama administration is expanding its modest refinancing program to help perhaps a million more homeowners, but that's still a drop in the bucket. What's needed instead: a comprehensive program to make it easier for nearly everyone to refinance.
