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WASHINGTON -- An Obama administration official says President Barack Obama
will announce new rules Monday to help homeowners with little or no equity
in their homes refinance their mortgages to avoid foreclosures.
Obama will discuss the initiative during a meeting with homeowners Monday in
Las Vegas, a city hard hit by foreclosures and sagging home prices. One in
every 118 homes in the state of Nevada received a foreclosure filing in
September, according to the foreclosure listing firm RealtyTrac.
The new rules apply to homeowners with federally guaranteed mortgages who
are current on their payments.
With the president's jobs bill struggling in Congress, the White House is
refocusing its efforts on steps Obama can take to address the nation's
economic woes without getting lawmakers' approval.