President Obama calls on Congress to pass new mortgage refinancing plan

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President Obama calls on Congress to pass new mortgage refinancing plan

Admitting that previous housing plans had not lived up to expectations, Obama details new plan to help halt foreclosuresPresident Barack Obama has called on Congress to make it easier for millions of additional homeowners to refinance their mortgages at lower interest rates even if they owe more than their homes are worth. He conceded that his administration’s housing plans so far have not lived up to their promise.