President Obama announced in Phoenix February 18, 2009 a $75 billion plan, backed by taxpayer money, to prevent foreclosures across the U.S.
One part of the foreclosure prevention plan will ease refinancing for people who owe more on their mortgages than their homes are currently worth. Another part of the plan provides incentives for mortgage lenders to help those on the verge of foreclosure.
Will this help the real estate market or just provide banks with more pork?
The following video, courtesy of New England Cable News, is about 11 minutes long.
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