(Reuters) – The government could unveil a plan in a few weeks to help up to one million struggling borrowers refinance their mortgages at lower rates.
Anxious to do more to help the depressed housing market, Treasury Secretary Timothy Geithner told lawmakers on Thursday he was hopeful the federal housing regulator would soon sign on to a new plan to help homeowners take advantage of low interest rates.
Separately, a Democratic lawmaker said the regulator is considering rule changes that could make mortgage refinancing more accessible for as many as 600,000 to one million troubled borrowers, although the agency declined to confirm that figure.
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