http://news.yahoo.com/us-moves-help-more-homeowners-refinance-loans-141927211.htmlPresident Barack Obama unveiled a stopgap plan Monday to ease the bite of the real estate crisis for cash-strapped homeowners while attacking Congress for blocking spending to create more jobs.
Thwarted by Republican opposition to his bigger jobs and stimulus package, Obama has shifted tactics by looking for action he can take without congressional approval to provide at least modest economic relief. <<<<<
this is totally inaccurate propaganda. It Was his Own Dems that killed his plan. Thats Right Dems killed his plan. All they had to do was vote yes. They didnt! Blame Squarely falls on them.
Nevada has the highest unemployment of any US state at 13.4 percent, and housing prices have plunged 17 percent since the market burst four years ago, igniting the financial meltdown that sent the US economy into a nosedive. <<<<<
Home of the Mormon Harry Reid. Hows that Union thing working out down there?
Obama travels later in the week to California and Colorado, where he will be highlighting other problems dragging down the economy,
including education, the president's aides said.
There he plans to announce measures to help students better manage their student loan debt when they graduate, they said.
Moody's predicts that foreclosures will rise next year to a record 1.5 million.Part of Obama's plan is to ease rules governing the Home Affordable Refinance Program (HARP), which allows mortgages backed by financing giants Fannie Mae and Freddie Mac to be refinanced at lower rates.
Under current rules, people whose home values are more than 25 percent below what they owe are disqualified from refinancing at lower rates.
Obama said the rule changes will lift that restriction, reduce closing costs, eliminate certain refinancing fees and encourage greater competition for refinancing business among lenders.
Shaun Donovan, secretary of Housing and Urban Development, said refinancing could save homeowners $2,500 or more per year, "the equivalent of a substantial tax cut.""Any borrower, independent of how underwater they are, is eligible," he said.....snip~
Bullshit.....they just want to get people to start refinancing their homes for a tax cut. Once again our World of Media falsely puts out misinformation on purpose. For over a week now they are harping on that the Repubs blocked Obama Jobs Bill that wasnt a Jobs bill. Again it can not be repeated enough about all those Democrats that said they would refuse to vote for it if it was taken to the house and senate floors.
Pushing People to take the dive even more. Whats this a new strategy in getting everybody to share the wealth of being put out on the streets. The Home Markets will be changing. No longer will you see 30 yr mortagages. Not to mention he already knows they will soon have to raise Interests Rates.
Again his mantra.....Education. Problem is Education, is not creating jobs now nor for the immediate future. Thoughts?
Topic: OBAMA Bypasses Congress With Mortgage Plan..... (Read 282 times)