Will New President Barack Obama help our economy and foreclosures?

It has been a long exalting campaign for both senator Obama and senator McCain. But American's have decided and voted into the white house Barak Obama. It has been a historic election begining with having the first black President. Years ago when a preacher and activist from Atlanta, Georgia named Martin Luther king said I have a dream that a man be judged not by the color of his skin, but by the content of his character. That dream was fulfilled today.  President Obama has many promises but will it help many of the family's facing foreclosure?  Will it help small businesses and middle class to continue to grow? Here are the important points that he proposed for our Nation's Economy and the progress of our country. Click here full economy plan.

Protect homeownership and crack down on Mortgage Fraud.

Obama and Biden will crack down on fraudulent brokers and lenders. They will also make sure homebuyers have honest and complete information about their mortgage options, and they will give a tax credit to all middle-class homeowners.

• Create a Universal Mortgage Credit: Obama and Biden will create a 10 percent universal mortgage credit to provide homeowners who do not itemize tax relief. This credit will provide an average of $500 to 10 million homeowners, the majority of whom earn less than $50,000 per year.

• Ensure More Accountability in the Subprime Mortgage Industry: Obama has been closely monitoring the subprime mortgage situation for years, and introduced comprehensive legislation over a year ago to fight mortgage fraud and protect consumers against abusive lending practices. Obama's STOP FRAUD Act provides the first federal definition of mortgage fraud, increases funding for federal and state law enforcement programs, creates new criminal penalties for mortgage professionals found guilty of fraud, and requires industry insiders to report suspicious activity.

• Mandate Accurate Loan Disclosure: Obama and Biden will create a Homeowner Obligation Made Explicit (HOME) score, which will provide potential borrowers with a simplified, standardized borrower metric (similar to APR) for home mortgages. The HOME score will allow individuals to easily compare various mortgage products and understand the full cost of the loan.

• Close Bankruptcy Loophole for Mortgage Companies: Obama and Biden will work to eliminate the provision that prevents bankruptcy courts from modifying an individual's mortgage payments. They believe that the subprime mortgage industry, which has engaged in dangerous and sometimes unscrupulous business practices, should not be shielded by outdated federal law.

Support Small Business

• Provide Tax Relief for Small Businesses and Start Up Companies: Barack Obama and Joe Biden will eliminate all capital gains taxes on start-up and small businesses to encourage innovation and job creation. Obama and Biden will also support small business owners by providing a $500 "Making Work Pay" tax credit to almost every worker in America. Self-employed small business owners pay both the employee and the employer side of the payroll tax, and this measure will reduce the burdens of this double taxation.

• Create a National Network of Public-Private Business Incubators: Barack Obama and Joe Biden will support entrepreneurship and spur job growth by creating a national network of public-private business incubators. Business incubators facilitate the critical work of entrepreneurs in creating start-up companies. Obama and Biden will invest $250 million per year to increase the number and size of incubators in disadvantaged communities throughout the country.

Would Obama's economy plan work? Only time could tell. The truth is we're in one of our nation's worst economy, unemployment rate is at an all time high and Foreclosures continue to rise. We need banks to cooperate alot more than what they have. We need homeowners who are in foreclosure to have their mortgage readjusted to market value and continue and maintain interest rates low. It is going to be a huge challenge for Barack Obama i hope the change he promised can be fulfilled not just for us but for our children.

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