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The new new housing plan

The AP has a nice explainer on Obama's proposed $75 billion effort to prevent foreclosures. The idea is to keep 3 to 4 million people from losing their homes by the end of 2012. So far, the administration's efforts have helped a mere 175,000. Here's the nut graf:

Borrowers will get help in three ways: Jobless homeowners can get a three-to-six-month break on their mortgage payments. Banks will get financial incentives to reduce mortgage balances for under-water borrowers. And lenders can offer refinanced loans backed by the Federal Housing Administration to these borrowers.

More here.

By Ezra Klein  |  March 30, 2010; 7:08 AM ET
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Of course, in my neighborhood current prices are like 2007-9 never happened. A few worthies are listing at 20-30% *above* 2005-6 bubble prices. Which I know doesn't represent the rest of the country, but jeez, it's annoying.

Posted by: wcwhiner | March 30, 2010 9:28 AM | Report abuse

More regressive BS. Takeaway lesson: Homeowners are good, renters are crap.

Posted by: slantedview | March 30, 2010 6:38 PM | Report abuse

//begin cite
"We remain dubious about government mortgage modification efforts," wrote Jaret Seiberg, an analyst with Concept Capital's Washington Research Group. "So far none have lived up to expectations, and we see little reason to believe the latest effort will turn out any different."
//end cite

Posted by: msoja | March 30, 2010 11:50 PM | Report abuse

Need a job? With new Obama Health Care Plan, we are going to insure additional 33 Million people. There is going to be huge demand for Medical Assistants, Medical Billing, Medical Coding, Pharmacy Assistant & Pharmacy Technician across the nation. We can help you get a training during weekends and evenings and get a degree in few months. With the degree finding a job will be easy, contact for more information at this is your chance

Posted by: MaryJeslin | March 31, 2010 4:52 AM | Report abuse

It's interesting to remember that John McCain was criticized for saying that he would have the Government buy up troubled mortgages, and then to watch the Obama administration move closer to doing precisely that.

Remember, these are your tax dollars going to support people who gambled on buying too big a house.

Posted by: tomtildrum | March 31, 2010 11:35 AM | Report abuse

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