The Obama administration is finally realizing that a major refinancing program to help troubled borrowers could help stabilize the housing market and give the economy a jolt — and it would be particularly effective if it reaches an estimated 11 million underwater mortgagors.

“You are not going to have the kind of robust economic recovery that you need with so many homeowners struggling under this debt,” said Glen Corso, managing director of the Community Mortgage Banking Project.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.