New help for underwater mortgage holders
About 16-percent of all mortgages in Minnesota are underwater, according to the national research firm CoreLogic. That means close to 95,000 Minnesotans owe more on their mortgages than their homes are worth. President Obama is establishing new rules to help underwater homeowners refinance their mortgages. Commissioner Mary Tingerthal of the Minnesota Housing Finance Agency spoke with Minnesota Public Radio's Cathy Wurzer about the program.
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