Obama's $75 million plan to save the day
NYT- Seeking to stabilize the floundering housing market, President Obama is offering a plan to help as many as 9 million families refinance their mortgages or avoid foreclosure, according to a summary released by the White House Wednesday morning.
I must admit that I have reservations about the plan President Obama is reported to have in the effort to stem the tide of rising home foreclosures. While I fully understand and agree that "something" must be done to normalize the struggleing housing market, in order for the overall economy to rebound, I think the proposed plan falls short.
Where the plan falls short is there is no mention of homeowners who are playing by the rules and are making regular payments regrdless of the interest rate, current home value and/or falling incomes. Many families struggle, but stay above water and Obama's plan seems to make them invisible. Help is afforded to only those who follow the rules and are on the "verge" of defaulting under Obama's proposal
The President will release his plan, later today. In the meantime, here's what the media is reporting what we should expect. Where do you fit on the housing pyramid and what do you think of the plan?
