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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Obama: Housing Plan Will Not Aid the 'Unscrupulous and Irresponsible'

President Obama is rolling out his housing rescue plan in Arizona right now.

"Let me be clear on what this plan will not do," Obama said.

"It will not rescue the unscrupulous and irresponsible. It will not help speculators who took risky bets on a rising market and who bought homes not to live in but to sell. It will not help dishonest lenders who acted irresponsibly by distorting the facts and dismissing the fine print at the expense of buyers who didn't know better. And it will not help folks who bought homes who knew from the beginning" they could never afford the home, Obama said.

-- Frank Ahrens
The Ticker is Twittering!

By Frank Ahrens  |  February 18, 2009; 12:41 PM ET
Categories:  The Ticker  | Tags: Fannie, Freddie, Obama, housing bubble, mortgage workouts  
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Comments

"'And it will not help folks who bought homes who knew from the beginning' they could never afford the home, Obama said."

Actually, Barry, that's exactly what it does.

Posted by: wapo9 | February 18, 2009 3:20 PM | Report abuse

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