Can Obama's plan to help homeowners with private mortgages work?
Posted January 29th, 2012 by Anthony Boydston
In President Barack Obama’s State of the Union last night, he vowed to keep the “American dream” alive.
His plan includes legislation that would extend the expanded HARP refinancing program to homeowners with private loans.
Currently only underwater homeowners with mortgages backed by government-owned Fannie and Freddie Mac are eligible. To qualify, it doesn’t matter how much homeowners are underwater, but they can’t have missed more than one payment.
In Arizona, where nearly 50 percent of homeowners are underwater, I have received calls and emails from several people with private mortgages upset they don’t qualify for the government’s refinancing plan.
The federal government …