August 26, 2011
Obama Administration Considering Plan to Encourage Mortgage Refinancing
Yesterday the New York Times reported that the Obama administration is considering a plan that would “allow millions of homeowners with government-backed mortgages to refinance them at today’s lower interest rates, about 4 percent.” If it gets the green light, the plan could save homeowners $85 billion a year and inject some needed stimulus into a sluggish economy. Matt Yglesias argues that the scheme makes a lot of sense. Ezra Klein does some digging and explains why the scheme is unlikely to work.
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