Obama Urges Congress to Pass Refinancing Legislation

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President Obama said he is pushing Congress to pass a bill that would put $3,000 into the pockets of the average family that has not refinanced a mortgage.

With interest rates at historic lows, and with many families upside down on their homes, Obama said it makes sense to let more borrowers refinance.

There are currently three different refinancing bills under consideration by the Senate Banking Committee, but Republicans and Democrats havebeen unable to reach an agreement to proceed on any of the proposed measures.

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