Truckee River
The
Obama administration is widening its mortgage refinancing program to allow more borrowers hit hard by falling home prices to take part.  Borrowers whose loans are now worth up to 125% of their home's value are now eligible to refinance their homes under the Obama foreclosure prevention plan announced in February. Previously, the limit was 105%.  The move acknowledges that home prices in many areas have fallen so far that many people were shut out of the program. Some 67% of homeowners in Las Vegas -- one of the hardest hit areas where Housing Secretary Shaun Donovan announced the expansion Wednesday owe more than their homes are worth.  The initiative waives the requirement that homeowners have at least 20% equity in their home, allowing them to take advantage of today's lower rates. Homeowners must still meet other criteria, including being current on their payments and having loans that are owned or backed by Fannie Mae or Freddie Mac.
 
Source: CNNMoney.com