U.S. to overhaul mortgage-refinance program: WSJ

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U.S. to overhaul mortgage-refinance program: WSJ
LOS ANGELES (MarketWatch) -- The Obama administration plans to announce major changes to a mortgage-refinance program that include eliminating restrictions for those whose homes have fallen significantly in value, The Wall Street Journal reported late Sunday, citing unidentified U.S. officials. The overhaul to the "under-used" program would also end required appraisals and extensive underwriting for most participants, so long as they have stayed current on their mortgage payments, the report said. President Barack Obama is slated to speak on the changes at a speech Monday, the report said.