Mortgage-Rescue Plan to Cover More Borrowers
The Obama administration is expanding the number of borrowers who can refinance home loans under its housing-rescue program, an acknowledgment that more needs to be done to help people who are upside down on their mortgages.
The administration said Wednesday that borrowers with mortgages worth up to 125% of their home’s value will now be eligible to refinance under its program, up from a 105% limit.
