Obama announces new housing refinance plan

[PassingFair]

6. I just refinanced.

Went from 5.875 to 3.875.

Knocked $60 off my payment per month and
TWO YEARS off of the 22 left on my original mortgage.

Didn't make sense for me NOT to do it, but I learned
that many people don't qualify for the refi.

Can't get one if you're underwater, can't get one
if you had a short-sale in the past 4 years, etc.

This isn't going to help people on the verge of foreclosure,
they will need principle modification to stay in their houses.

This looks like it's strictly to reduce the interest rate.