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homeowners to refinance high-interest mortgages at these rock-bottom interest rates. who qualifies? homeowners who have mortgages backed by fannie mae and freddie mac. you must be current on your payments. and you ll now be able to refinance no matter how much you are under water on that home. this lifts a previous limit of 125% loan-to-home value ratio. the program also aims to streamline the refinancing process, please, and reduce and eliminate fees. i m joined now by lynnette cox, bob molten and rick newman is the chief business correspondent for u.s. news & world report. the white house says this could mean cheaper mortgage payments. some say as much as 1.7 million. it probably in practical terms will help a fraction of that. maybe 20%, 30% or so. if you look at the previous efforts, that s sort of the range, you know. we have high hopes and we want it to be able to help more, but frankly, even if it does help 1 million, we ve got more than 5 million people who ....
Loans that are held by investment banks, by people who invested in these kinds of, you know, upside-down loans. let me explain, they are called under water loans and this is a startling statistic, 23% of households with mortgages are under water loans. that is one in four people owe more than air house is worth. they are good people and are making their payments, and they are not always going to be able to. jamie: the good news is, some of the money that will be used to write down the loans, and help those folk out, is coming from harp money that is already allocated and will not pay the other taxpayers, that can afford their payments. necessarily, not all of them, but, some will. some will, but the obama administration already tried this. they had huge bureau contract ....