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

White House Releases New Mortgage-Modification Plan

The White House and Treasury moments ago released their new plan to help people they call "responsible homeowners" meet their mortgage payments.

"Millions of responsible families who make their monthly payments and fulfill their obligations have seen their property values fall, and are now unable to refinance to lower mortgage rates," says the administration's release, which you can read here. "Meanwhile, millions of workers have lost their jobs or had their hours cut, and are now struggling to stay current on their mortgage payments. As a result, as many as 6 million families are expected to face foreclosure in the next several years, with millions more struggling to stay current on their payments."

The Obama administration's Homeowner Affordability and Stability Plan aims to help 7 million to 9 million homeowners.

You can read the substance of the plan here.

-- Frank Ahrens
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By Frank Ahrens  |  March 4, 2009; 9:38 AM ET
Categories:  The Ticker  | Tags: Obama, mortgage workouts  
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Comments

Well, I think this is a good plan. The only other way is to nationalize the housing industry. If nothing is done. There will be mass homelessness which will lead to a unusually high crime rate.
Unless the plan is to exterminate them by benign neglect as has been the case during the past 8 or more years, something has to be done about the growing problem of homeless people. If not, we are nothing but a country of a few haves and a majority of have nots.

Posted by: Dipsy | March 4, 2009 12:07 PM | Report abuse

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