Obama Details Rescue Plan for Homeowners
With almost one in ten houses either delinquent or in foreclosure, President Obama unveiled a more ambitious plan than expected yesterday that could end up helping as many as nine million Americans. The $75 billion portion of the plan directed at homeowners has two basic goals: 1) To help the roughly five million homeowners who…
With almost one in ten houses either delinquent or in foreclosure, President Obama unveiled a more ambitious plan than expected yesterday that could end up helping as many as nine million Americans. The $75 billion portion of the plan directed at homeowners has two basic goals: 1) To help the roughly five million homeowners who are current on payments but facing high interest rates and unable to refinance because the value of their homes has deteriorated; 2) To incentivize lenders to modify the mortgages of roughly four million homeowners on the verge of losing their homes. In addition, the Obama administration will pump another $200 billion into Fannie Mae and Freddie to increase the general availability of mortgages. The plan also aims to lower consumers’ debt-to-equity ratios overall. This plan will not save every home, but it will give millions of families resigned to financial ruin a chance to rebuild, Mr. Obama told a crowd here, in one of the communities hardest hit by the housing crisis. It will prevent the worst consequences of this crisis from wreaking even greater havoc on the economy. And by bringing down the foreclosure rate, it will help to shore up housing prices for everyone. As The Times reminds us, modifying mortgages doesn’t always work.
$275 Billion Plan Seeks to Address Crisis in Housing [NY Times]
O’s $75 Billion Housing Bet [NY Post]
President Obama Unveils $75 Billion Plan [NY Daily News]
It’s a middle eastern name. Does the man still have a job? He should be able to handle the rent on the two family UNLESS it had an ARM that reset that he didn’t know about. I bet it does!
“Marlo Saab”
Anyone with a made-up, yuppie-sounding name like this should be denied re-financing on that basis alone! OK, I need to do some work today.
So this the Obama skittles plan, huh? Man we are in a world of hurt! The whole Banking system is going down the toilet and they have stopped loaning money to retards!
The What
Someday this war is gonna end…
Many Catholic schools are very good. I went to one and look how I turned out!!!
>>>Enter What [stage left] with a baseball bat.
Bif – it’s a catholic school. I was using the term private school as I would do back home, perhaps its not accurate to describe it as that in the US.
Nobody said it was a good school, Biff.
Where the hell did he find a $10,000 a year private school? They’re all over $30K a year for the good schools in Manhattan and BH.
“But in general, I think it drives up housing costs for others and gives some people an easy excuse for under achieving or managing their finances poorly.
I feel the same way about rent stabilization even though I lived in a rent stabilized place for several years.”
I happen to agree with you about most of this, and I’ve never lived in public housing or had a rent-stabilized apartment. Like you, I think public housing and rent stabilization need to be limited and tightly controlled. But to say public housing “has generally done no one any good” and “traps people in miserable places to live that get the bare minimum of maintenance” is simply untrue.
Agreed ditto. I have no sympathy for this guy. He bought way more than he could afford in the first place, and pays his mortgage with his credit cards rather than put his kids in public school.