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Treasury’s Stegman Calls for Broader Underwater Mortgage Aid

The Obama administration will work to refinance mortgages for so-called underwater borrowers whose loans are in private-label securities, U.S. Treasury Department official Michael Stegman said today in a Las Vegas speech.

Treasury may act unilaterally to aid borrowers who owe more than their homes are worth if Congress doesn’t pass legislation providing assistance, Stegman, a counselor on housing policy for the agency, said at an American Securitization Forum conference.