Obama to Unveil Refinance Program

Obama will discuss on Monday a new housing program to be implemented by the Federal Housing Finance Agency. "[T]he initiative will relax eligibility standards for a federal refinancing program, "allowing those who owe more on their house than it is worth to take advantage of loans with lower interest rates." The new rules will apply to homeowners with federally guaranteed mortages who are current on their payments. Obama will be disussing the initiative during a meeting with homeowners on Monday in Las Vegas. See Associated Press article.