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Obama on Fighting Foreclosure

During his campaign for the presidency, Barack Obama explained where he stands on many of the economic issues that matter most to Americans.

On foreclosures, Obama wants the government to step in to help homeowners facing foreclosure.

- Allow troubled homeowners to refinance to a loan insured by the Federal Housing Administration.

- Require any financial institution participating in Treasury's Troubled Asset Relief Program to put a 90-day moratorium on foreclosures for homeowners "acting in good faith."

- Create a 10% tax credit for homeowners who do not itemize their taxes.

- Create a $10 billion fund to help victims of predatory loans.

- Authorize bankruptcy judges to reduce mortgage principal.

"…If the government can bail out investment banks on Wall Street, then we can extend a hand to folks who are struggling on Main Street." — Obama*

What do you think? Can the new President-Elect deliver on these campaign promises? We'd love to hear your opinion.

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Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.

We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.

We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at http://bestbuyersbroker.com or http://bestbuyerbroker.com.

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Posted by Ira Freireich, Exclusive Buyer's Agent on 11/20/2008 04:22 PM

Comments (6)

Fighting Foreclosure in the Real Estate Investing Channel

foreclosure, economy

This post has been included in New York Information

6 Comments on Obama on Fighting Foreclosure

NOV

Troubled borrowers won't be helped, depending on the severity of their trouble. Just like GM, if you can't show you can repay - NO LOAN, NO HELP. Unfortunately, many people are right there, unemployed or sick or whatever.

Great Info Ira. The current foreclosure situation/crisis is an unfortunate scenario that sadly the banks have brought upon themselves. If sub-prime lending would have been more restricted in past years, we would not be seeing this upswell of homeowners who are in over their heads and can no longer make payments. Well, live and learn i guess. Hopefuly in the future we won't have to bail out our bank's mistakes. Great Post!!

What no one in the government is telling us is that the situation is much worse than they present. According to the Federal Reserve, 59% of the total of all mortgages ($11.2 trillion) were packaged into mortgage-backed securities($6.5 trillion). That makes them much more difficult to work with. Additionally, the bailout only has about $350 billion left. Don't expect too much help. Millions of homeowners will lose their homes.

Ira, I think that Mr. Obama and the soon to be largely liberal senate and congress will be able to do pretty much what they want to do. The question is - Will they do what is good for the HONEST people or will they repay those who helped to get them into office?

I sincerely hope that they do something to help the HONEST who have been hurt by the housing crash. Those who gambled and lost - it is just that and I don't pity them. Kinda like the fat cats in the financial markets and the American Auto Industry - they gambled and lost - I aint for bailing them out.

I think this all remains to be seen. Promises made in campaigns, from what I have seen in more than 50 years, are seldom delivered on by politicians. Sometimes they cannot do it, other times they just wanted votes.

Here's hoping he will help people instead of giant corporatins! Maybe realtors should storm the capital asking for a bailout plan too.....

Even though I don't agree that homeowners hsould really be bailed out, I'd rather see it go directly to the people than to CEO"s of insurance companies and banks.

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