New Push to Help Homeowners -- Obama Administration Wants to Assist Those 'Underwater'

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WASHINGTON - The Obama administration is trying to jump-start its sputtering attempts to tackle the foreclosure crisis with an effort to assist homeowners who owe more on their properties than their homes are worth.

Starting Tuesday, the Federal Housing Administration will permit lenders to give these borrowers refinanced loans backed by the government. The lenders will be required to forgive at least 10 percent of the original mortgage amount. Investors who have control over the mortgages as part of their large portfolios will select which borrowers are invited to participate.

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New Push to Help Homeowners -- Obama Administration Wants to Assist Those 'Underwater'

The plan was first announced in March. Its rollout represents the latest of numerous efforts by the administration t...

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