Obama Administration Announces Pilot Program to Help Rural Borrowers Refinance Mortgages, Get Lower Interest Rates

Agriculture Secretary Tom Vilsack announced that the U.S. Department of Agriculture is launching a pilot program to help rural borrowers refinance their mortgages to reduce their monthly payments. This initiative is part of the Administration's ongoing efforts to help middle class families, create jobs, and strengthen the economy. The Single Family Housing Guaranteed Rural Refinance Pilot Program will operate in 19 states for homeowners who have loans that were made or guaranteed by USDA Rural Development. These states are among those hardest hit by the downturn in the housing market. (Source: USDA)  [Read article]