Obama housing plan
Today, President Obama announced the details of his newest effort to stem the tide of foreclosures and bring some stability to the housing market. Of course, the success of the program depends on the “buy-in” from the lenders. Past efforts have not achieved the desired goals, largely because the banks chose to ignore the HAMP and HAFA programs.
Some of the highlights of the plan:
1) Temporarily reduce the payments of unemployed homeowners to 31% of their income, including unemployment compensation.
2) Additional efforts to help “underwater” homeowners IF they continue to make their payments.
3) Additional help for homeowners with second mortgages (more…)
