Mortgage Relief Program Extended

President Obama announces extension of mortgage relief program to the end of 2013.  The program will also be altered allowing more homeowners to take advantage of the program.
The Federal Housing Finance Administration program is set up to allow homeowners with higher rate mortgages to refinance at current low rates.  Initially, homeowners had to have a minimum of 25% equity in their home to qualify.  With so many upside down, the program will be extended to include those with less equity.  It is estimated that with these program alterations an additional 1 million homeowners will be able to take advantage of the program.