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Who Qualifies For Obama's New Mortgage Refinancing Plan?

LOS ANGELES (CBS) — President Obama threw a lifeline Monday to the 11 million Americans who are "underwater", owing more than their home is worth.

The President announced new measures to help borrowers refinance their existing mortgages to new loans with lower interest rates and cheaper monthly payments.

The plan is an expansion of an existing program to help borrowers who are not behind on their payments but cannot refinance because they do not enough equity in their home.

But which homeowners will it help?

CBS2's Stacey Butler reports in this segment of "Survive This Economy" on who qualifies for the new refinancing plan.

 

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