The proposed stimulus plan presented by President Obama would include hundreds of millions of dollars to help homeowners facing foreclosure. This would not be a hand out rather a chance for mortgage lenders to refinance a home to a rate the homeowners could afford instead of foreclose on the mortgage which is costly for both the lender and the homeowner. This money would be available to mortgage lenders at greatly reduced interest rates so they can have more leverage room in their accounts and offer more people refinancing chances. Obama has even said before that everyone should have access to 30 year fixed rate mortgages at 4.5%. This would be remarkable for current homeowners as well allowing them to refinance into a much lower rate and save money or possibly their home from foreclosure.

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