The Obama administration is creating a Fannie Mae and Freddie Mac refinancing program to give 4 million to 5 million homeowners a chance of obtaining lower interest rate loans even though the value of their homes has eroded and they are having difficulty refinancing under existing standards.

This new program is limited to homeowners that owe more than 80% of the value of the house and currently have conforming loans owned or guaranteed by the government-sponsored enterprises.

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