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The Latest Wave of Mortgage Fixes

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President Obama today announced two new initiatives to buttress his "Blueprint for an America Built to Last" laid out in January's State of the Union address. The first is a compensation package directed at U.S. servicemembers and veterans who were wrongfully foreclosed upon and/or denied access to lower interest rates. Also, more foreclosure protections will be extended to oversees troops. This is in conjunction with last month's $25 billion settlement between the government and mortgage servicers. The second relates to fee savings for FHA Borrowers looking to refinance. From the White House Fact Sheet: "The FHA will cut its fees for refinancing loans already insured by the FHA. An estimated 2-3 million borrowers could be eligible for this savings, providing the typical FHA borrower with the opportunity to save about a thousand dollars a year through refinancing than they could have under today's fee structure." To be eligible, FHA borrowers must have loans originating before June 1, 2009. [White House Fact Sheet]