The Obama Administration have just announced that they are launching a Mortgage Refinance program. The idea is to reduce the amount that millions are paying monthly on their mortgage repayments. It is hoped that this will stimulate the economy due to the extra spending power that people have when they are paying less on their mortage. It is estimated to affect between 1 and 2 million families and is hoped to stabilise the economy on what has been a very bad few years in the US. The conditions to be part of this mortgage refinancing program is that you can not have missed a mortgage payment over the last six months. The eligibility is not dependent on how much your home has lost in value on the market. Due to his upcoming election, it is natural that President Obama is taking extra steps to solve the debt crisis which has haunted his tenure. He is hoping that the economic crisis is nearly over and that by concentrating on Refinance Mortgages, this will have a great affect on the rest of the economy.