Obama throws a lifejacket to underwater homeowners
It sounds like white house is trying to at least make another attempt to help the current foreclosure crisis. As of today, appairently, the Obama administration is launching an plan of attack to help the over 1.5 million homeowners who are under water down on their mortgages.
Under this new plan, if the lender agrees to forgive at least 10% of the original mortgage amount, the Federal Housing Administration will allow lenders to give these owners refinanced loans.
It would be an understatement to say that previous efforts to help fix our foreclosure crisis by the Obama administration have fallen short of expectations. Will this one be better? I don't know but it certainly can't make it worse I suppose. The plan is expected to help at least half a million people so I guess we'll see.
Tell me what you think.