Homeowners upside down on their mortgages are finding themselves unable to take advantage of professional opportunities elsewhere, move up to nicer neighborhoods, or get their children into better school districts. Mobility in this country, the study found, has decreased in the wake of the foreclosure boom–a surprise to many who assumed that those displaced by foreclosure would be free to move, increasing the overall mobility in America. That Wharton School study, Housing Busts and Household Mobility, found that households who would expect to be upwardly mobile have been stuck fast by the inability to retire their mortgage by selling their homes.

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The near-collapse of mortgage giant Fannie Mae doesn’t appear to have yet derailed its latest initiative called “Keys to Recovery,” a program including provisions for refinancing “underwater” properties for up to 120% of the home’s value. There are some stipulations: first, if you want to refinance, your current loan has to be a Fannie Mae loan originated according to Fannie Mae guidelines. Second, you have to be current with your mortgage payments. Fannie Mae originally committed to begin buying these loans on August 1st. Interested consumers can begin checking with lenders now to see who will be offering the program and when they can apply for a refinance.