The HARP program, which was designed to help homeowners that are underwater refinance their mortgages, isn't working. One of the reasons that it's failing is because it only allows homeowners that are less than 25% underwater to refinance their homes. Many of us are more than 25% underwater, so we can't take advantage of the program.
As you mentioned in the American Jobs Act speech, if you removed the 25% restriction, more homeowners could take advantage of the program by refinancing at the current interest rate. This would help us and the economy by putting more money in our pockets.