By Diana Olick, CNBC Real Estate Reporter
NEW YORK ( CNBC) -- "President Obama is taking action." At least that's what the blog on WhiteHouse.gov said on Monday in describing the president's trip to Las Vegas. "We can't wait to help homeowners," it goes. That action consists of revamping an existing government refinance program through Fannie Mae and Freddie Mac for borrowers who owe more on their mortgages than their homes are worth, so-called "underwater" borrowers. There are an estimated 11 million of those nationwide according to CoreLogic.
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