Wednesday, March 24, 2010

Foreclosure Relief Effort

Three people briefed on the matter said that on Friday, the Obama administration will announce a plan that will reduce the amount that some people owe on their home loans. The plan is expected to include at least 3 months of temporary assistance for borrowers who have lost their jobs and an expanded effort to allow borrowers to refinance into Federal Housing Administration loans. The previous and current foreclosure prevention programs have been a failure to date, including the $75 billion foreclosure relief effort program. According to Moody's Economy.com, nearly 1 in 3 homeowners with a mortgage owe more than their property is worth.
This plan, I think, will help those that are very much in debt from their mortgage bounce back from this recession, stimulating the lowest bracket of homeowners back into the economy. From this, each economic class will then get stimulated as well. This is what the administration is hoping for, I believe.


http://www.foxnews.com/politics/2010/03/25/watchdog-blasts-obamas-mortgage-relief-plan/

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