So what do you think, does Obama have his finger on the pulse of the the financial markets and homeowners or is he just throwing the Obama Foreclosure Plan on the wall?
Here is some commentary across the country, but you are welcome to leave a comment on how you think the program will work.
- Street Insider
- White House Fact Sheet
- CNN – Obama: Aid 9 million homeowners
- Washington Post – Government Doubles Available Aid to Fannie and Freddie
- Business Journal – White House previews $275B mortgage plan
and in the blogs:
- Phoenix Real Estate Guy
- Blown Mortgage
- Calculated Risk
- Michelle Malkin on the politics of the speech
- Point of Law – on legal ramifications
- Daily Kos – Politics of the Speech from the left
- The Moderate Voice
No related posts.
{ 4 comments… read them below or add one }
Unfortunatly this is thrown on the wall and some of it might stick. It is sad to say but it is almost too little, too late. Hundreds of thousands have already lost their homes and now hundreds of thousands more will continue to lose their homes.
Philadelphia, Homeowner Affordability and Stability Plan President Obama & US Mortgage Mod LLC PA
Philadelphia, PA Press Release Point: February 18, 2009 16:14 EST- President Obama announced plans Wednesday to help as many as 9 million homeowners restructure or refinance their mortgages to avoid foreclosure. US Mortgage Mod, LLC Of Philadelphia will be leading the way, as a national home loan modification company that leads the industry in preserving home ownership .www.usmortgagemod.com President and CEO Marc D'ambrosio was one the many guests who witnessed the announcement live.“By making these investments in foreclosure prevention today, we will save ourselves the costs of foreclosure tomorrow — costs borne not just by families with troubled loans, but by their neighbors and communities and by our economy as a whole,” Obama said. Senior vice president Justin Kassick of US Mortgage Mod who has been working closely with this team was noticeably emotional, ""responsible homeowners" would be given the chance to refinance, while the remaining 3 to 4 million would be recipients of a $75 billion "homeowner stability initiative" that will help reduce their monthly payments, its a great day" Mr Kassick of Us mortgage mod also added that, " said that increased transparency and a possible inflation anchor will mark major changes the central bank is making going forward, pledging to take every step necessary to fight the most severe financial crisis since the Great Depression." US Mortgage Mod, LLC of Philadelphia is again leading the way in the fight to keep every last American in their home. wwww.usmortgagemod.com
it's not gonna work. i have owned my home for 15 years, and just got a pay cut at work. that cuts my income almost half, basically my mortgage payment is now what i make for take-home pay. i find it hard to believe that my lender would be willing to cut my mortgage payment to one third of my income. that would take the payment down from $1800 to $600.
my lender already said that the best they could do is $1600, maybe $1400 if i refinance on a 40yr plan (i had 15 years to go on my mortgage). i feel sorry for those who make under $20 an hour, there's just nothing for them. i only have one child. i feel sorry for all those who have bigger families and will basically end up homeless or renting after owning, or who may never have a home of thier own.
one thing's for sure, i won't be spending or saving up any money anytime soon, whether they foreclose on me or not. so i hope you all don't think this idea will boost consumer spending either. as soon as the gang-bangers find out that no one lives in my house it will be a free-for-all. goodbye neighborhood.
I'd say it's worth a try.
Steve Dye We Buy Nor Cal Homes