The next stimulus: 50 billion foreclosure prevention program

[Fleshdancer]

How will republicans spin this as "pork"?

http://money.cnn.com/2009/02/17/news/economy/foreclosure_preview/?postversion=2009021716

NEW YORK (CNNMoney.com) -- Obama administration officials are hammering out the details of a $50 billion foreclosure prevention program that the president is set to unveil Wednesday in Arizona, sources said.

Details remain scarce, but officials are looking to help homeowners who are in danger of defaulting on their mortgages, as well as those already behind, according to sources close to the discussions. Until now, most government and industry efforts have centered only on the delinquent.

The administration is under intense pressure to find a solution to the housing crisis, which many experts say is crucial to reviving the overall economy. More than a million homes are already in foreclosure, and more than 2 million more are expected to succumb this year. Obama has long promised that his fix will go beyond the steps taken by his predecessor.

The multipart plan will for the first time commit government money to spur loan modifications. One likely component will be interest-rate subsidies for at-risk borrowers, with the government matching the servicer's rate reduction. Borrowers would have to take an affordability test to see whether they could handle the monthly payment on the reworked loan.

[Renew Deal]

1. Considering the republicans said "housing" was the issue

They should get right behind this. Of course, they don't stand FOR anything. Just against everything.

[midnight]

2. Let's remember that keeping families in their homes and

safe is and should be a priority of the FAMILY VALUES crowd.

[Fleshdancer]

3. excellent point. This is Family Values.

:applause:

I'll remind my idiots in Congress when they attempt to speak out against this.

[dkf]

4. What is ironic is that the Govt has an interest in making sure

housing prices don't fall further, where if they did fall further, they would be more affordable.

I look at all the houses that are being foreclosed on and those are huuuuge nice houses! It would be nice if they fell to a price where I could afford them with 1/3rd of my salary, they way they used to judge affordability.

But especially here in Hawaii, that won't happen. A person can't buy a place by themselves here unless they make a boatload of $.