WASHINGTON -- The Obama administration is trying to fix a stubborn drag on the economy by allowing millions more homeowners to refinance their mortgages at lower interest rates, even if they owe more than their homes are worth -- tackling a difficult issue of vital concern in states key to President Barack Obama's re-election.
Obama on Wednesday was to draw attention to a proposal he outlined in his State of the Union address: to allow homeowners with privately held mortgages to take advantage of record low rates, for an annual savings of about $3,000 for the average borrower. Obama was detailing his plan during a visit to a northern Virginia community center.
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