President Obama Plans To Announce New Mortgage Initiative

This week, President Obama plans to announce new mortgage rules intended to make it easier for more Americans to refinance their homes.  Administrators have been working with the Federal Housing Finance Agency to loosen lending under the Federal Home Affordable Refinance Program (HARP).  The changes include letting banks avoid the risk of any "buy-back" on HARP mortgages as long as borrowers have made their last six mortgage payments and can show they have a source of income.