WASHINGTON, DC – July 26, 2012 – (RealEstateRama) — Oregon’s Senator Jeff Merkley today offered a new plan to tackle one of the most persistent challenges to the sputtering economy: the massive number of Americans who owe more on their mortgages than their homes are now worth. In a white paper containing the proposal, called “The 4% Mortgage: Rebuilding American Homeownership,” Merkley laid out a plan to allow underwater homeowners who are current on their mortgages to refinance to a lower interest rate.