Mortgage Rate Cuts - WAOW - Newsline 9, Wausau News, Weather, Sports

Mortgage Rate Cuts

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(CNN)--The Obama Administration is unveiling a plan to help struggling homeowners.

The Federal Housing Administration will be able to cut upfront fees for refinancing loans it already insures.

The new fees are for those who have borrowed F-H-A loans before June 1, 2009.

This could help up to three million borrowers reduce mortgage payments by about a thousand dollars a year.

Military service members will also get a break.

Lenders and servicers will be required to review foreclosure cases of every service member since 2006.

Any military member wrongly foreclosed upon will get compensation and there will be a refund of any overcharges for those denied the opportunity to refinance.

Any service member who had to sell their home at a loss due to a change in station will also get relief.

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