Mortgage Plan To Help 9 Million People: OBAMA

Mortgage Plan To Help 9 Million People: OBAMA Dated: 18 Feb 2009, 2040 hrs IST, Source: AFP Text: PHOENIX: President Barack Obama on Wednesday revealed a mortgage foreclosure plan targeting up to nine million people, including a 75 billion dollar bid to help at-risk homeowners stuck in a negative equity trap. The president took aim at one of the key drivers of the US financial meltdown in a keenly awaited plan designed to keep people in their homes, and forestall the wave of foreclosures hobbling the US middle class. "We will help between seven and nine million families restructure or refinance their mortgages so they can avoid foreclosure," Obama said in an advance copy of remarks he will make to an event in Arizona, one of the states worst-hit by the foreclosure tsunami. "We are not just helping homeowners at risk of falling over the edge, we are preventing their neighbors from being pulled over that edge too, as defaults and foreclosures contribute to sinking home values, failing local businesses, and lost jobs," the president said. The plan has three parts: - Refinancing made available for four to five million "responsible homeowners" to make their mortgages more affordable. - A 75 billion dollar initiative for those who can't afford to pay their mortgages but have seen the price of their properties plunge will aid three to four million people, the White House said. - Finally the Treasury Department announced it was doubling its financial support to troubled mortgage finance giants Fannie Mae and Freddie Mac, to 200 billion dollars each, in an effort to stabilize the real estate sector.

"Loved reading this piece by AEJAZ AHMED?
Join LAWyersClubIndia's network for daily News Updates, Judgment Summaries, Articles, Forum Threads, Online Law Courses, and MUCH MORE!!"

Join our Telegram group

Join our Whatsapp group