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Vernon L. Smith
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President Obama floated a plan Tuesday that he hopes will take some of the load off Fannie Mae and Freddie Mac in the financing of American homeownership.
It is estimated that up to a quarter of all American households still owe more on their mortgages than their homes are worth. Many of these people have been able to refinance their home loans with much lower interest rates, but that does not solve the problem because they have a balance sheet problem rather than a cash-flow problem.