President Obama urged Americans to take

advance of the administration’s new program, which allows homeowners

whose loans are underwater to refinance.

Obama, who spoke Thursday at a White House

event, pointed to historically low interest rates and estimated that if

7 million to 9 million homeowners refinance, they will save $1,600 to

$2,000 a year.

That is money in their pocket, Obama

said. We are at a time where people can really take advantage of this,

and what we want to do is to send a message that if you are having

problems with your mortgage – and even if you're not, and you just want

to save some money – you can go to

Source: The Wall Street Journal, John D. McKinnon (04/09/2009)