President Obama is calling for a $5-$10 billion dollar plan to help people refinance their home. Nearly 11 million people in America are underwater on their mortgages which means they owe more than their house is worth. Millions more have already lost their homes because of this. Obama's proposal still needs approval but would be open to people who have been current on their payments for the last six months and have no more than one missed payment in the prior six months. The administration also wants to broaden its Home Affordable Refinance Program, which wants to provide refinancing options to borrowers who are in trouble with payments and have no equity in their homes.




http://www.reuters.com/article/2012/02/01/us-usa-housing-idUSTRE80Q20V20120201

http://www.google.com/imgres?hl=en&biw=1366&bih=643&gbv=2&tbm=isch&tbnid=InYWQ40AIUaZcM:&imgrefurl=http://www.barack-obama-bio.com/barack-obama-pictures-photos.php%3Ftype%3Dpersonal&docid=SSB0dAphUipkHM&imgurl=http://www.barack-obama-bio.com/images/personal/barack-obama.jpg&w=439&h=441&ei=m3MpT828Msnbtgevq5HyBA&zoom=1&iact=hc&vpx=457&vpy=322&dur=1497&hovh=225&hovw=224&tx=110&ty=174&sig=101143629457334596415&page=1&tbnh=128&tbnw=124&start=0&ndsp=26&ved=1t:429,r:19,s:0