WASHINGTON – Two big questions loom over the Obama administration's latest bid to help troubled homeowners: Will it work? And who would benefit?

By easing eligibility rules, the administration hopes 1 million more homeowners will qualify for its refinancing program and lower their mortgage payments – twice the number who have already. The program has helped only a fraction of the number the administration had envisioned.

In part, that's because many homeowners who would like to refinance can't because they owe more on their mortgage than their home is worth. But it's also because banks are under no obligation to refinance a mortgage they hold – a limitation that won't change under the new plan.