NEW YORK (CNNMoney) -- The Obama administration on Wednesday detailed its latest plan to help millions of homeowners refinance their mortgages to today's historically-low rates.
The plan, which requires approval by Congress, would allow borrowers who are current on their mortgage to save an average of $3,000 a year by refinancing into loans backed by the Federal Housing Administration, according to the U.S. Department of Housing and Urban Development.http://money.cnn.com/2012/02/01/real_estate/Obama_refinancing_plan/index.htm
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