At a town hall meeting, President Obama admitted that his administration’s efforts to help homeowners were “not enough”.

In the days ahead, the Obama administration is expected to announce yet another initiative to help rescue the housing market.

The New York Times and CNBC have speculated that it might unveil a program that would open up refinancing to borrowers who owe more on their loans than their homes are worth, allowing them to take advantage of current low mortgage rates.  Such a move would enable many borrowers to keep their homes by making their monthly payments more affordable.

Whether the administration could make an initiative like this work is another question entirely.

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