The government intention to assist homeowners to refinance and to take advantage of historical low rates failed miserably. Out of 5 million projected homeowners, only 200,000 thus far took advantage (actually qualified) for it. The program that started in March last year is coming to an end in June 2010. The biggest obstacle preventing homeowners from taking advantage of it is existing private mortgage insurance (PMI) and existing second mortgage. PMI cannot be reissued to a new loan and second mortgage can refuse to re-subordinate because of property values.