On Wednesday, President Obama launched a new plan to cut through red tape and encourage banks to refinance mortgages that are under water. It would, on average, free up $3,000 to each family with a mortgage. But how practical is that? Will the banks want to lend on properties that are 50% below their buying prices? And why would they voluntarily lower the interest rates they're charging?
Brian Deese, Deputy Dir, Natl Economic Council