Obama Unveils $75 Billion Foreclosure Plan

Barack Obama Richard Shelby President Barack Obama says help is on the way to millions of Americans facing home foreclosure.

by WKRG Staff, The Associated Press

Published: Wed, February 18, 2009 - 4:29 pm CST Last Updated: Wed, February 18, 2009 - 4:52 pm CST

MESA, Ariz. (AP) - President Barack Obama says his $75 billion
plan to tackle "a crisis unlike any we've ever known" in home
foreclosures is necessary to help save the economy.
Obama unveiled the plan in Arizona, hard-hit by the housing
crunch. More expensive than expected, it aims to keep 9 million
people from losing their homes.
One part will ease refinancing for people who owe more on their
mortgages than their homes are currently worth. Another provides
incentives for mortgage lenders to help those on the verge of
foreclosure.
Speaking at a high school outside Phoenix, Obama said the plan
won't save every home but it will prevent "the worst consequences
of this crisis from wreaking even greater havoc on the economy."

Statement from U.S. Senator Richard Shelby (R-AL)
Ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs

“The President’s plan appears to help those who least need it, and doesn’t help those that do. The Fannie/Freddie proposal allows underwater homeowners to refinance even if they are not at risk of default. This will encourage lenders to help those who need help the least which will divert resources from families most immediately at risk of losing their home. The biggest outrage is that the President’s plan actually will use taxpayer money to pay people to do what they are already supposed to do – pay their mortgage. It also uses taxpayer money to pay banks to do what they should already be doing – modifying mortgages. This is nothing more than a lender bailout where the American taxpayer is once again being asked to foot the bill. Once again, I believe our first priority must be to effectively address the problems in our banking system. Once that is done, we will have built the foundation upon which an economic recovery can be built.”

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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rosepetal Says:

Fri, Feb 20, 2009 at 1:48 pm

well no matter how this financial crisis came about it is here. i do not believe it was all about people buying homes they could not afford. i know with us they wanted everything but blood. 2 years tax returns, personal, corporate, business, 2 years bank statements, credit checks. we had a credit score in the 800’s almost perfect credit for 40 years. so i want to know how they did it. i think the banks mismanaged the money. like condos in gulf shores. hurricanes made people weary about the water. they had to auction them off for pennies on the dollar.

BamaBob Says:

Fri, Feb 20, 2009 at 1:14 pm

I’m wondering if I should rent mine out and go get a new one I can’t afford and not pay for it. Seems to be a trend!

carl Says:

Fri, Feb 20, 2009 at 12:13 pm

YEA! BamaBob,I’m starting to wonder about buying this brick four bedroom/2baths house for $10,500 forty five years ago!I could have waited until i could have got one I couldn’t afford.

Wait4Me Says:

Fri, Feb 20, 2009 at 10:29 am

Wow we could spend days here talking about what’s wrong with this country. Here goes in MY opinion. Politicians, welfare, banks, government programs, schools, unions, CEO’s, kick-backs, bailouts, large bonuses, parents, kids, video games, computers, lack of religion, affirmative action, racism, reverse-racism (for those that believe it is something different than regular racism), and media. Not necessarily in this order either. This list is not all inclusive nor do I believe that anything I have mentioned in this rant is all inclusive, meaning there are some good banks, but they are called Credit Unions. And there are some good government programs, like the VA. And some good media outlets, like WKRG (sucking up now) For the most part I could breakdown each item and rant for hours about each one, but I’m sure ya’ll already have your ideas about each one. Please feel free to add any I may have unintentionally left off……… Thanks

BamaBob Says:

Fri, Feb 20, 2009 at 10:26 am

It has turned into a gimme society that puts no value in hard work and wise decisions. I’m even starting to wonder if I made the right move buying a home I could afford instead of getting a million dollar waterfront and letting the government pick up the tab.

cmb1 Says:

Fri, Feb 20, 2009 at 10:10 am

What is wrong with this country??????????????

BamaBob Says:

Fri, Feb 20, 2009 at 9:17 am

Not only will ACORN members not be arrested, they will get billions of dollars from the porkulus package!

Wait4Me Says:

Fri, Feb 20, 2009 at 9:03 am

They need to be arrested and given the maximum allowed punishment, to send a message to rest of the militant groups that want to do something as dumb as this. But as we all know they will not do this, especially in Baltimore, heck the mayor is even under investigation for theft and bribery. What a world we live in,,,,,,,,,,,

BamaBob Says:

Fri, Feb 20, 2009 at 8:59 am

The following article sort of speaks to the mentality we are seeing presented in all of these bailout policies. No one wants to pay their bills!

“Chicago has yet to recoup the $1.74 million cost of President Obama’s victory celebration in Grant Park—despite a burgeoning $50.5 million budget shortfall that threatens more layoffs and union concessions.”

http://tinyurl.com/czu7oh

BamaBob Says:

Fri, Feb 20, 2009 at 8:51 am

Hmmmmm….... things to come?

“BALTIMORE (WJZ) ― A community organization [Acorn] breaks into a foreclosed home in what they are calling an act of civil disobedience.

The group wants to train homeowners facing eviction on peaceful ways they can remain in their homes.”

http://tinyurl.com/bxzv2e

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