(via Associated Press) An Obama administration official says President Barack Obama will announce new rules Monday to help homeowners with little or no equity in their homes refinance their mortgages to avoid foreclosures.
The new program will apply to homeowners with federally guaranteed mortgages who are current on their payments. It cuts the cost of refinancing and removes caps for deeply underwater borrowers.
Obama is also using the campaign to aid in re-election funding. Many past presidents have done the same. We wish everyone the best of luck in Las Vegas today!