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homeowners to refinance high-interest mortgages at these rock-bottom interest rates. who qualifies? homeowners who have mortgages backed by fannie mae and freddie mac. you must be current on your payments. and you'll now be able to refinance no matter how much you are under water on that home. this lifts a previous limit of 125% loan-to-home value ratio. the program also aims to streamline the refinancing process, please, and reduce and eliminate fees. i'm joined now by lynnette cox, bob molten and rick newman is the chief business correspondent for "u.s. news & world report." the wh...
Today to help some homeowners who are still underwater. shaun donovan, secretary of housing and urban development joins us as the president wings his way to las vegas to unveil all of this. mr. secretary thanks for joining us. there are i think 11 million homeowners underwater. how many will be helped by this plan? >> well, andrea, we're still working out the final details over the next few weeks but there are about 4 million homeowners who have a fannie mae or freddie mac mortgage, are under water today, and have interest rates significantly above today's current rates. that's the target popu...