A new plan is in the works to help homeowners take advantage of the currently low rates by refinancing, something that many homeowners are unable to do because of their current financial situations. Rumors are that this new plan will allow refinancing to be more accessible for as many as 600,000 to one million troubled borrowers. Even Treasury Secretary Timothy Geithner announced on Thursday he is in favor of this new plan and looks forward to it being implemented.
The Federal Housing Administration has talked about being in the works with President Obama to help borrower's needing to refinance within their Freddie Mac and Mannie Mae programs, but has not definitely claimed to be involved in the plan. Without the backing of the Federal Housing Administration, this could be a difficult plan to implement and this is something that is causing concern at The White House.
Representatives of the FHFA have said that they are currently working to improve and enhance working programs and it is still too early to see how many people will be helped through these programs. For the borrower's and industry's sake, hopefully there will be some consensus amongst The White House and FHFA and help can begin to improve the current housing situation.
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