Obama Announces New Housing Refinance Plan Washington Post (02/02/12) P. A3 Goldfarb, Zachary A.; Nakamura, David The Obama administration on Feb. 1 took the wraps off a series of proposals to help struggling borrowers reduce their mortgage payments and to curb persistent home-price depreciation. The cornerstone of the effort, which needs congressional approval, is legislation that aims to make it easier for almost any homeowner with a credit score above 580 and current on mortgage payments for the last six months to take advantage of today's historically low interest rates. The estimated $10 billion cost of the initiative would be offset by a new tax on the profits of financial firms -- which the GOP opposes.

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