Obama's Foreclosure Plan Seeks To Save Millions From Losing Homes

[FourScore]

Source: HuffPo

President Barack Obama says his $75 billion plan to tackle "a crisis unlike any we've ever known" in home foreclosures is necessary to help save the economy.

Obama unveiled the plan in Arizona, hard-hit by the housing crunch. More expensive than expected, it aims to keep 9 million people from losing their homes.

One part will ease refinancing for people who owe more on their mortgages than their homes are currently worth. Another provides incentives for mortgage lenders to help those on the verge of foreclosure.

Speaking at a high school outside Phoenix, Obama said the plan won't save every home but it will prevent "the worst consequences of this crisis from wreaking even greater havoc on the economy."



Read more: http://www.huffingtonpost.com/2009/02/18/obamas-foreclosure-plan-s_n_167812.html

[leftofcool]

1. Let it save the homes of those who

in good faith paid their mortgages as long as they were able and lost their jobs or had high medical bills or other legitimate problems. No bailouts for house flippers or people stupid enough to take second mortgages for swimming pools, fancy furniture etc...

[glowing]

3. You do understand that the person who did that stupid pool will harm

your house value if they foreclose and they are your neighbor. AND you know, our society is at fault for teaching this type of mentality. They train people entitlement.

[leftofcool]

9. I have a condo, no pool in neighborhood

[RantinRavin]

2. 75 billion for 9 million people ?

That is not going to do a whole lot of help.

[endarkenment]

5. It does seem rather low to me too. 8334/person?

[florida08]

4. agreed

no help for house flippers that walked away or for those who took out equity loans to purchase another house. I would add none to those who purchased 500K homes with no money down or million dollar mansions. Those can be resold.

[Zhade]

12. Agreed. And what about us renters? We're still getting screwed.

Guess we don't matter.

[bertman]

6. I'll leave the quibbling over the details to all of you financial wizards, but here's what

struck me about this Presidential policy decision and presentation:

1) Our President actually understands WHAT is going on and HOW it affects Americans. Now that's a change I can believe in.
2) Our President can explain the reasoning and intricacies of the plan in language that most Americans can grasp. Now that's change I can believe in.
3) Our President is trying to do something to HELP THOSE WHO ARE IN NEED OF HELP and not just the Wall Street thieves who got us into this. More change I can believe in.
4) Our President chose the state of Arizona, home of failed presidential candidate John McCain, to deliver this address. Now that's a "Fuck You, John" I can believe in.

[midnight]

7. bertman you are quick to point this nuance out. Good call.

4) Our President chose the state of Arizona, home of failed presidential candidate John McCain, to deliver this address. Now that's a "Fuck You, John" I can believe in.

[TNOE]

8. THIS is change we can believe in?

Ha. Just kidding.

Thank Godess we elected a SMART PRESIDENT WITH INTEGRITY who gives a damn.

[bertman]

10. Indeed!! While our President was speaking I was remembering those stammering, insipid

phrases our last so-called president would deliver when he was attempting to explain a policy or an idea. Just plain embarrassing.

[Duer 157099]

11. How about a clause for renters?

Something like: if you rent a home that is about to go into foreclosure, YOU, the renter, get first dibs on any deal the gubmint might try to make.

After all, YOU, the renter, have been paying the mortgage for the "homeowner" that the gubmint wants to bail out.

[Zhade]

13. THANK you. Or how about even SOME form of relief?

NT!