Obama To Announce New Housing Initiatives [LIVE VIDEO]
President Barack Obama is unveiling a plan for mortgage relief for members of the military and homeowners with FHA loans.
During a news conference today, Obama will detail an agreement with major lenders to compensate service members and veterans who were wrongly foreclosed upon or denied lower interest rates.
- Watch live video of the press conference here at 1PM
FHA-insured borrowers would be able to refinance their loans at half the fee that the FHA currently charges. That could save a typical FHA borrower more than $1,000 annually. Two million to 3 million borrowers would be eligible.
(Copyright 2012 by The Associated Press. All Rights Reserved.)