Well it's finally here, and it looks like the government is even trying to explain how it works to us!

This White House report came out today: 

The housing plan President Obama unveiled today could directly help up to 9 million people -- but indirectly, it will help all of us.

"In the end, all of us are paying a price for this home mortgage crisis. And all of us will pay an even steeper price if we allow this crisis to continue to deepen," President Obama said today in Phoenix, AZ.

"But if we act boldly and swiftly to arrest this downward spiral, every American will benefit." He laid out the four key elements of the Homeowner Affordability and Stability Plan:

1. refinancing help for four to five million homeowners who receive their mortgages through Fannie Mae or Freddie Mac

2. new incentives for lenders to modify the terms of sub-prime loans at risk of default and foreclosure

3. steps to keep mortgage rates low for millions of middle class families looking to secure new mortgages

4. additional reforms designed to help families stay in their homes

"The plan I’m announcing focuses on rescuing families who have played by the rules and acted responsibly," the President said, "by refinancing loans for millions of families in traditional mortgages who are underwater or close to it; by modifying loans for families stuck in sub-prime mortgages they can’t afford as a result of skyrocketing interest rates or personal misfortune; and by taking broader steps to keep mortgage rates low so that families can secure loans with affordable monthly payments."

To learn more and download reports in detail explaning this, go here:

http://www.whitehouse.gov/blog/09/02/18/9-million-plus/

There are PDF's attached at the bottom of that page, where you can download FAQs and briefing documents so we can all stay up tonight and read read read what this means to us!

 

 

 

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2 Comments on From the White House: Housing Plan Explained

FEB
18
2009
1,261,987 Points 2 Featured Posts Outside Blog Hit Router

Erica

This is certainly a shot in the arm for many, and I am interested to see what takes place next.

Sincerely

Tom Braatz
3:18pm • #1
FEB
20
2009

Thisdoes not address the areas hit the hardest by the ones doing the right thing. I put 33% down missed 0 payments have a Fann backed backed mortgage, but don't qualify because the housing market has falling so much 105% LTV does not even come close to appraised value.
Mike
3:24pm • #2

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