WASHINGTON — A proposal by the Obama administration to help more struggling borrowers refinance into cheaper loans is prompting a familiar question: Is this a program that can relieve the housing crunch, or just another band-aid?

The plan — announced in President Obama's third State of the Union address Tuesday — so far lacks much detail, although it would be paid for with a fee on large banks, and some expect it could even target loans not backed by Fannie Mae and Freddie Mac. But while some see benefits in such a broad scope for the program, others say it could be an administrative nightmare.

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