Moving forward. This is good for troubled-mortgage homeowners.
"With Republicans continuing to stall action on President Obama's $447 billion jobs bill, the White House is taking action to help jump-start the economy with the message "We can't wait."
President Obama is going to begin a series of executive branch actions that will not require action from Congress - or the assent of Republicans.
With recovery in the housing market tied to economic recovery, Mr. Obama will today announce what senior officials are calling a "major overhaul" of the government's underused refinance program for federally guaranteed mortgages, in order to aid homeowners having difficult refinancing their housing loan.
CBS MoneyWatch: More details of President's mortgage aid plan
Federal press release on changes to aid struggling homeowners (pdf)
CBS News White House correspondent Norah O'Donnell reports that for homeowners who are underwater and have been paying their bills but can't refinance and take advantage of current low mortgage rates, the program will enable people to fix that by removing a lot of the barriers that are in place for them because of low equity in their property...."
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