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Obama ramps up mortgage refinancing effort

How do you ramp up mortgage refinance when borrowers can’t qualify for new loans or refinance, even if they are current on payments? How do you get the economy going when would-be buyers are spooked by the high numbers of foreclosures and vast tracts of vacant homes and banks are stepping up foreclosures? To start, Obama says what is needed is across-the-board reduction of the principal homeowners are carrying on their mortgages.

Read more at the L.A. Times – Obama ramps up mortgage refinancing effort