Obama promises lower mortgage costs, new loans

[babsbunny]

http://www.usatoday.com/news/washington/2009-01-31-obama-economy_N.htm?csp=24&RM_Exclude=Juno

Updated 1h 5m ago

WASHINGTON (AP) — President Barack Obama on Saturday promised to lower mortgage costs, offer job-creating loans for small businesses, get credit flowing and rein in free-spending executives as he readies a new road map for spending billions from the second installment of the financial rescue plan.

The White House is deciding how to structure the remaining half of the $700 billion that Congress approved last year to save financial institutions and lenders. An announcement was possible as early as this coming week on an approach that would use a range of tools to unfreeze credit, helping families and businesses.

At the end of a week that saw hundreds of thousands of people lose their jobs, Obama also used his Saturday radio and Internet address to tell that nation that "no one bill, no matter how comprehensive, can cure what ails our economy."

[RUMMYisFROSTED]

1. Process the Prime+2 loans through Freddy and Fanny.

Voila!

[karynnj]

3. Sounds interesting - here is link to Freddie trying to keep people in their homes

http://www.dailyrecord.com/apps/pbcs.dll/article?AID=2009901310333

[skeewee08]

2. Good to hear this, our house is currently in foreclosure and

we have been fighting with our Mortgage Company we had to get an attorney to help negotiate.

[Rosa Luxemburg]

4. Hurrah!

:toast: