Obama mortgage plan has little Colorado impact
by Associated Press
Published: October 25,2011
Time posted: 7:30 am
Tags: Housing, Obama, underwater
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A new federal program allowing more homeowners who are in trouble with their mortgages to qualify for refinancing is expected to have little impact in Colorado.
President Barack Obama on Monday announced the broadening of the Home Affordable Refinance Program to help people avoid foreclosure.
According to the Denver Post (http://bit.ly/ud4KCc ), nearly 21 percent of mortgages in Colorado are worth less than the amount owed.
However, experts say the number of Colorado home owners who owe more than 125 percent of the value of their home needed to qualify is relatively low.
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