She was so upside-down on the house that no one would refinance her, she said.

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Instead of helping only one million homeowners refinance their homes, we should try to help out the 16.5 million homeowners who are under water with their mortgages.

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The plan allows those borrowers who took out subprime mortgages between Jan. 1, 2005, and July 31, 2007, to pursue one of the following options: refinance to a new mortgage, switch to loan insured by the FHA, or freeze their "teaser" rate for five years.

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