Obama calls for expanded refinancing

Backers say bill would cut costs for homeowners, boost economy

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President Barack Obama urged Congress last night in his State of the Union to pass a bill that would expand and streamline homeowners’ ability to refinance at today’s low rates.

"Today, our housing market is finally healing from the collapse of 2007. Home prices are rising at the fastest pace in six years, home purchases are up nearly 50 percent, and construction is expanding again," Obama said.