Obama says timing right for millions to refinance

WASHINGTON – Declaring "good news" in the midst of an economic meltdown, President Barack Obama on Thursday urged families to take advantage of near-record low mortgage rates by refinancing their home loans. "We are at a time where people can really take advantage of this," Obama said, seated with a handful of homeowners who have already lowered their bills.

Unfortunately, the bad news is that most Americans do not qualify because their homes have lost value and their mortgages are much higher than the value of their their homes. Almost everyone who either refinanced or bought a home between 2003 and 2007 will become the nations homeless. If these folks have also lost their jobs or suffered medical or financial hardship, their fate is doomed. They can't rely on an economic stimulus or recovery.