It is true, and hopefully not too late to help tens of thousands of U.S. homeowners' hold on to their primary residences.

In a release yesterday afternoon, the U.S. Housing and Urban Development Secretary Shaun Donovan  announced an expansion of the Obama Administration's Home Affordable Refinance Program to include participation by borrowers who are current on there mortgage, but up to 125 percent underwater on their mortgage. Under authorization provided by the Federal Housing Finance Agency, borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie Mac will now be allowed to refinance those loans according to the terms of the Home Affordable Refinance program established earlier this year.

Secretary Donovan made the announcement while touring a neighborhood in Las Vegas with Senate Majority Leader Harry Reid (D-NV) and Congresswoman Dina Titus. Las Vegas leads the nation in foreclosures and approximately 67 percent of the current mortgage holders have mortgage balances that exceed the worth of their homes.

According to Treasury Secretary Timothy Geithner; "This decision is part of our ongoing efforts to maximize the effectiveness of the Making Home Affordable program and adapt to an ever-changing housing market".  "By expanding refinance eligibility, we can bring relief to more struggling homeowners more quickly. It's a crucial step in our broader efforts to get America's housing market and economy on the path to recovery."

With the current plan, only those borrowers whose first mortgage does not exceed 105 percent of the current market value of the property are eligible for the Obama Administration's Home Affordable Refinance Program. For example if the property is worth $200,000, the borrower must owe $210,000 or less. Yesterday's announcement will allow more homeowners to become eligible for the program, by increasing the eligibility to 125 percent.