Bob Cropf

Obama’s plan for foreclosures

In Obama, stimulus on February 18, 2009 at 5:54 AM

Today President Obama announces his plan to halt the tide of home foreclosures that threatens to drown the economy. The plan’s goal is to lower the monthly payments homeowners make through refinancing or restructuring their mortgages. According to TheStreet.com, more than 2 million Americans had their homes foreclosed in 2008 and up to 10 million more are expected to do the same in the coming years. As Obama’s Foreclosure Plan, another website, points out that only by effectively reducing what homeowners must pay will foreclosures be halted because mortgage payments are too high for them to afford. The Obama Administration is willing to stake its reputation on this approach because it will lay aside at least $50 billion for this purpose.

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