Obama’s new housing plan for foreclosure relief: Can it be explained?
We found a very good article from MSNBC that really gets down to the bare bones of what this new government program designed to save distressed homeowners is all about.
We know the program is supposed to help those in pre-foreclosure who have lost their jobs. Problem is it only can help them for a few months. Then they’re back where they were before- facing foreclosure.
This really sums the mess up: “We have to do a real reality check,” said David Berenbaum, chief program officer at the NCRC. “Until we address the underlying problems with this paper — who holds it, how it was originated, how people are accountable and how we can correct this epidemic of foreclosures — our communities’ tax base, as well as the economic climate of the nation, is at risk.”
I might add, “Amen”.
Here’s the spin from the White House Blog, which I personally don’t agree with, but I thought you might want to read it anyway.
9 million + | The White House
The housing plan President Obama unveiled today could directly help up to 9 million people — but indirectly, it will help all of us. “In the end, all of us are paying a price for this home mortgage crisis. …
But The Market Ticker has a much stronger criticism.Housing: Obama Still Has Not Grown Up – The Market Ticker
Housing: Obama Still Has Not Grown Up · The misdirection and outright BS simply refuses to stop: March 25 (Bloomberg) — The Obama administration plans to announce programs to help homeowners avoid foreclosure, including subsidies for …