The next president’s plan: Obama
By Austan Goolsbee | Monday, March 24, 2008 | The Washington Post
“…To solve the current [housing] crisis, Barack Obama would immediately take three steps, addressing the fact that the troubles ultimately result from the squeeze on ordinary Americans in the ‘real’ economy.
First, he would enact a comprehensive plan to help bring an end to the foreclosure crisis that threatens millions of families. Obama supports efforts to create a new FHA Housing Security Program to provide significant incentives and guarantees for lenders to buy out mortgages that exceed the value of homes and convert them into stable 30-year fixed-rate mortgages that homeowners can afford. This is a responsible plan designed to help responsible homeowners without rewarding borrowers or investors who helped create the problem by gambling recklessly or committing fraud, and it asks both sides to contribute to the solution….”…BS
http://www.washingtonpost.com/wp-dyn/content/article/2008/03/23/AR2008032301414_pf.html
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One Response to “The next president’s plan: Obama”
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Converting existing loans on homes which are now in negative equity, into 30 year fixed rate mortgages, based on ‘incentives’ offered to the Savings & Loans sounds like a pipe dream, but it is a plan and as such Barrack is to be congratulated.
Posted on 24-Mar-08 at 9:09 am | PermalinkFurthermore, his look at the borrowing on credit cards is prescient.
Much better, Barack. Keep it up.