"Housing Secretary Shaun Donovan has revealed more details of the Obama administration's $75 billion foreclosure-prevention plan, raising early doubts about the program's ability to help homeowners in Arizona.
Most struggling Arizona borrowers are too far upside-down on loans to qualify for refinancing at a reduced loan amount under the program, local real-estate professionals said after learning about provisions discussed by Donovan before Congress on Thursday.
Some called it a step in the right direction, but it would help a limited number of homeowners in Arizona unless the guidelines continue to be modified."
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Experts: housing aid may not help many Arizonans
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