Obama administration’s Housing Affordability and Stability Plan Factsheet

[babylonsister]

Help for homeowners

The President’s strategy for economic recovery is a stool with several legs, as he’s said, and one of them is solving the foreclosure crisis.

"We must stem the spread of foreclosures and falling home values for all Americans, and do everything we can to help responsible homeowners stay in their homes," he said yesterday as he signed the American Recovery and Reinvestment Act into law.

Though communities across the country have been affected by the crisis, Arizona has been hit particularly hard -- in 2008, only two states had more foreclosures.

And President Obama is there today, in Phoenix, to unveil his "Homeowner Affordability and Stability Plan," which will help bring relief to homeowners and bring some order to the housing market.

The President will talk more about his plan a little later today. In the meantime, we’re sure you have a lot of questions, like, Am I eligible for assistance? Might I be able to modify my loan? When do I apply? We've put together an example sheet that will show you what options might be available to you, depending on the circumstances of your mortgage, as well as answers to some common questions (below).

Questions and Answers for Borrowers about the Homeowner Affordability and Stability Plan

Borrowers Who Are Current on Their Mortgage Are Asking:

* What help is available for borrowers who stay current on their mortgage payments but have seen their homes decrease in value?

Under the Homeowner Affordability and Stability Plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities.

more...

http://www.whitehouse.gov/blog/09/02/18/Help-for-homeowners/

[napi21]

1. So far, what I've read sounds like a very positive step. Of course,

the Pubs are already bitcvhing that they don't like it!

[radfringe]

2. did you expect the NOPers to do anything else?

I'm watching Obama talk about his housing plan at the moment and can't help to chuckle over the venue choice.

he's in Arizona... is he flipping the bird at McCain? throwing down the gauntlet by unveiling the plan in McCain's turf?

:rofl:

[napi21]

3. I guess I shouldn't have expected logic to enter the picture, but

it WAS the Pubs who were screaming that foreclosures are the real problem that needed to be adressed, so for some foolish reason, I THOUGHT MAYBE they might be a LITTLE BIT intrested!

[radfringe]

4. NOPe

in fact they are now trying to 'downsize' the severity of the problem by emphasizing "only 10% in forclosure"

well, 10% does sound like a little number, but 10% of the total housing market is a big number. If 10% is a minor amount then why is the ENTIRE housing market in trouble?

wanna bet the NOPers will push for tax cuts as a solution?

[radfringe]

5. NOPe = National Obstruction Party

[pinto]

6. Listened to the President's Arizona speech. It made *sense*,

seems fair across the board. I think he made it clear what the government can and can't do and how it will go about stabilizing home ownership/value where it can.

I'm no economic whiz, I've never been a homeowner, never will, but it made sense to me. I am a taxpayer, though, and I support this plan.

:kick: