Underwater Mortgages

  In this Wednesday, Oct. 12, 2011, photo, the house of Dan and Maggie Micof is seen in Marine City, Mich. The Micoffs bought their two-bedroom home in the Detroit suburb in 2003. They paid $119,000. Eight years later, they’re underwater with a 6 percent loan. Today’s record-low mortgage rates are out of reach for millions of U.S. homeowners who would benefit from them most, but the Obama administration is hoping at least 1 million of these borrowers will take advantage of its refinancing program under the more lenient rules unveiled Monday, Oct. 24, 2011. (AP Photo/The Port Huron Times Herald, Mark R. Rummel)
In this Wednesday, Oct. 12, 2011, photo, the house of Dan and Maggie Micof is seen in Marine City, Mich. The Micoffs bought their two-bedroom home in the Detroit suburb in 2003. They paid $119,000. Eight years later, they’re underwater with a 6 percent loan. Today’s record-low mortgage rates are out of reach for millions of U.S. homeowners who would benefit from them most, but the Obama administration is hoping at least 1 million of these borrowers will take advantage of its refinancing program under the more lenient rules unveiled Monday, Oct. 24, 2011. (AP Photo/The Port Huron Times Herald, Mark R. Rummel)

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