Obama throws a lifejacket to underwater homeowners

Real Estate Agent with John L. Scott MPV 104970

 Obama throws a lifejacket to underwater homeowners

Lake Stevens WA foreclosures

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.

Lake Stevens WA Foreclosures

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.



Comments (3)

Joe Homway
Exit Realty Premier - Springdale, AR

If you throw out enough lines you will eventually catch something. The problem is it may be anything or something you don't want, that is always the kicker in trying to apeal to all in order to save you own job. He will not succede for the simple reason THE BANKS DO NOT WANT IT TO SUCCEDE.

Sep 07, 2010 09:10 AM
Carol West
Carol West Real Estate, LLC - Hillsboro, OR
Real Estate Agent, Hillsboro, Beaverton, Portland


I think it could be helpful and be keep more homes from foreclosing. Another avenue to rescue homeowners can end up helping the economy as a whole.

Sep 07, 2010 09:12 AM
Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

It may delay the return to the rental market by some accidental homeowners.  It won't help the long term unemployed, and it won't help the housing market.

Sep 07, 2010 09:12 AM