In his Jan. 24 State of the Union address, President Obama stated that he was sending to Congress a plan that gives responsible homeowners the chance to refinance into historically low rates. He said that through this prospective program, homeowners can save roughly $3,000 per year on their mortgage.

"No more red tape. No more runaround from the banks," he said. "A small fee on the largest financial institutions will ensure that it won't add to the deficit and will give those banks that were rescued by taxpayers a chance to repay a deficit of trust."

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