Interest rates for a 30 year mortgage are the lowest they have been in decades. Yet, stress among homeowners continues. Obama has tried to help out these homeowners by creating a program to change the payment plans on some their loans. However, banks are unwilling to alter loans because they fear this will cause more people to come forward claiming to be unable to pay their loan and asking for changes as well. Still, for the few loans that were changed as a result of Obama's program, homeowners are still having trouble making the payments.
Plus, foreclosures are effecting people in large metropolitan areas such as Seattle, Chicago, and Houston. These are not areas typically associated with foreclosures.
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